Angola: Seven Public Firms Accounts Okayed

Luanda — Seven public companies' reports and accounts have been approved without any reservations and 39 others with reservations, according to State Asset Management Institute (IGAPE).

Releasing the data on Thursday, IGAPE quoted 50 Angolan State-owned companies, in a universe of 80 firms, required to submit accounts reports.

Of this figure, four firms have presented irregularities.

Among the companies approved without reservation are those from the sectors of Commerce and Industry Bank (BCI), Angola Debt and Security Exchange (Bodiva), Benguela Railway, EP (CFB), Luanda Railway Firm, EP (CFL).

The list also covers Lobito Port Company, EP (EPLOB), National Airport and Exploration and Air Navigation Company, EP (ENANA and RECREDIT, SA.

The document, presented by IGAPE's Executive manager, Akiules de Jesus Neto, also mentions 39 companies that have seen their accounts with reservations.

They are sectors of Energy and Water (nine companies), Transports (nine), financial sector (Banking and Insurance) and Media (four).

There are also three linked to the mineral resources and Petroleum, including the oil Sonangol firm. Agriculture and Telecommunications with two each.

Other sectors such as Public Administration, Secretariat of Cabinet Council (National Press), Commerce, National Defence, Economy, Fisheries and Land Planning and Housing, with one each.

The public sector's report on financial year of 2018 stands at AKz 23.8 billion, accounted for 61% increase compared to previous year.

The mineral resources and oil, financial, energy and water sectors absorb about 86% of the total weight of assets.

The total value of subsidies IGAPE granted to companies amounts to AKz 29.9 million, with the Media sector raising 71%, while the subsidies attributed by the State amounted to AKz 24.8 million.

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