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Fri, 14 Jun 2019 16:14 - Updated Fri, 14 Jun 2019 16:14

Attorney General's Office orders seizure of textile factories

Luanda - National Asset Recovery Service of Attorney General?s Office (PGR) has ordered the seizure of three textile factories, located in the provinces of Benguela, Cuanza Norte and Luanda.

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Attorney general, Helder Fernando Pitra Grós

Photo: Gaspar dos Santos

This is expressed in its communiqué released Thursday,  stressing that  move is part of ongoing work to assess the financing of public funds paid to private companies, with "some in irregular privatisation process”.

The source said that the other companies have been funded and supported by the sovereign guarantee of the State, so far without voluntary repayment of these public funds.

The companies include Mahinajethu-Satec,  located in Dondo, northern Cuanza Norte province; Alassola-África Têxtil (Benguela) and Nova Textang II (Luanda).

The statement mentioned Joaquim Duarte da Costa David, Tambwe Mukaz and José Manuel Quintamba de Matos Cardoso, as the last beneficiaries of these industrial projects.

According to the PGR, the textile factories were financed by a credit line  from the Japanese Bank for International Cooperation, worth USD1.011 billion.

The government is being required to pay back such an amount the company never returned, the source said.

Also, a credit line was granted by BAI Bank to the Tecidossita factory in Dondo and Benguela textile factory (Alassola-África Têxtil).

As for the latte, the State provided a sovereign guarantee totaling Kwanzas 12.9 billion.

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