Angola: Sodiam Clarifies Account Report Audit

Luanda — The National Diamond Trading Company of Angola (Sodiam) clarified Sunday in a press release that the amounts it has reported to the audit report of 2019 conducted by the Institute of State Asset and Participation Management (IGAPE) are the result of transactions that occurred before the current administration took office.

According to a note that reached Angop on Sunday, the Sodiam, transformed into a public company in 2017, by Presidential Decree no. 153/17 of 4 July, maintained the records of SODIAM SA, in which transactions carried out under the ownership of Endiama (99%) and ISEP (1%) were held.

The company explains that the financial reports should have been adjusted in accounting terms and registered in accordance with the new statute of the two public companies, obeying the Commercial Companies Law and the Basic Law of the Public Business Sector, since they have become separate companies with their own legal personality and financial autonomy.

It should be noted that during the financial year 2019, the specialized financial consultancy service of DeloiteE was hired to carry out an independent reconciliation of the open values existing in the registers of both companies.

The accounting review was carried out and all pending transactions in each company's records were identified for due administrative and financial decision, taking into account that such transactions had been carried out until July 2017, the period before the current administration of SODIAM E.P. took office.

SODIAM E.P. has been strongly committed to the elimination of external audit reserves related to past events, thus admitting that the decision associated with the reconciliation of balances between the two companies is reflected in the closing of accounts for the next financial years with IGAPE approval.

SODIAM is a state-owned company responsible for controlling and supervising the purchase, sale and export and import of diamonds in Angola.

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