5 December 2017

Angola: Sonangol, PWC Agree to End Contract

Luanda — Sonangol EP and consulting and auditing company PwC reached an agreement for the end of the contract for the provision of audit services to the individual and consolidated financial statements of Sonangol EP and its subsidiaries for the period 2017/2019, Angop learnt today.

The termination of the contract is based on the fact that the award of the contract to PwC constituted a conflict of interest, since the same company had already been contracted as a consultant for the transformation process, under the Limited Tender for Previous Qualification in accordance with Law 9/16 of June 16, on Public Contracts.

According to a press release that came to ANGOP, the stated owned oil company also complied with the Basic Law of the Public Business Sector, which determines that the profile of the auditor for Sonangol has to be defined by the head of Government.

Thus, the assumptions surrounding the hiring were analyzed, it was concluded that there was a substantial change in the circumstances that led to the tendering process for the acquisition of the audit services and the consequent award of the contract.

For this reason, Sonangol E.P. and PwC prevailed for the understanding that led to the termination of the contract for the provision of audit services.

The previous administration of Sonangol, led by Isabel dos Santos, had announced last October the hiring of PwC to audit the financial statements for the period 2017-2019, following the public tender promoted by the company, on August 30, 2017.

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