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Thu, 14 Mar 2019 16:46 - Updated Fri, 15 Mar 2019 09:02

There are mechanisms to recover state assets - Head of State

Luanda - Angolan head of State João Lourenço said Thursday that conditions have been created to activate the mechanisms for recovering embezzled assets and properties belonging to the State, worth about USD 5 billion, which only benefit one "very restricted elite".

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The Head of State was speaking at the formal opening ceremony of the "Judicial Year 2019" in  coastal Benguela province, after inaugurating, in Lobito, the District Court, the first of its kind in the country.

President Joao Lourenço added that there are conditions that, in the coming days, the State can activate the mechanisms to recover the assets and property that belong to it, under Law 15/18 of December 26, on Coercive Repatriation, only in its component of widespread loss of assets.

João Lourenço considered the results of the report of the Multi-sector Commission, which had the responsibility of surveying the investments made with public resources, and which today constitute some of the great private business groups in the country, "at least shocking and repugnant".

President Lourenço affirmed that, with regard to the repatriation of capital illegally placed in tax havens and other financial centers, after the six months of grace granted to those target, "the Angolan State is entitled to use all the means at its disposal to recover what belongs to the Angolan people."

The President of the Republic reaffirmed the interest in making justice even faster and more accessible to the overwhelming majority of citizens, as well as being better able to respond to the major challenges of combating crime, corruption and impunity.

He hopes that justice will also contribute to the moralization of society and make the market more competitive and secure, in order to attract domestic and foreign private investment.

The President of the Republic also underlined the importance that the justice sector has for the consolidation of the State and Law-abiding State that the country has been building.

He praised the progress achieved, with the approval of the Unified Justice System Law, with the creation of the Constitutional Court and the approval of the 2010 Constitution, which, in his view, make it a decisive factor in promoting citizenship, peace, social cohesion and socio-economic development.

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