15 June 2019

Angola: Attorney General's Office Warns Shareholders of Elektron Capital

Luanda — The Attorney General?s Office (PGR) warned on Friday that the Angolan State will seize the assets of every singular Elektron Capital?s shareholders, should their participation in Bank Economic have not the real value or harm the public interest.

The statement was made by the director of the National Services for Recovery of Assets of the Attorney General's Office (PGR), Eduarda Rodrigues.

The Elektron Capital is part of the list of firms seized by the State, due to the fact that these companies have been made up by public funds and so far did pay back the loan.

In the ambit of the foment of Angolan private business sector, the company Elektron Capital received a USD 125 million loan from the Angolan State through the State oil firm Sonangol to enter in the social capital of the Bank Economic.

In the meantime, the PGR official explained that when it received the process pondered over two options, to seize the assets of the Elektron Capital or to seize its social participations.

Therefore, the Attorney General's Office opted to seize the individual assets of the shareholders, taking into account the importance of the Bank Economic for the financial system, so as to force debtors to pay back the amount they owe to the State.

On Thursday, the National Services for Recovery of Assets of the Attorney General's Office announced the seizure of several companies made up by public funds.

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