Mozambique’s Social Security Institute seeks to recover millions paid to CR Aviation

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Mozambique’s Social Security Institute seeks to recover millions paid to CR Aviation

2:19 CAT | 23 Mar 2016

MMO / Francisco Mazoio

The National Social Security Institute (INSS) is looking to recover more than 80 million meticais advanced to civil aviation company CR Aviation in a share purchase deal.

Reversing the decision announced by Director General Alfredo Mahuai in January that the INSS would convert the 84 million meticais paid to CR Aviation into shares in its favour, INSS Chairman of the Board of Directors Francisco Mazoio said on Tuesday that the body would instead recover the money.

Mazoio went on to promise better transparency in INSS transactions and the release by the end of the quarter of the INSS’s 2015 accounts.

The INSS is only allowed by statute to buy shares in companies listed on the Mozambique stock exchange, but at the time of the deal giving the INSS 15 percent ownership of CR Aviation, the company was not listed there.

Source: O País