Bank of Mozambique swears in new members of Nosso Banco liquidation commission

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Bank of Mozambique swears in new members of Nosso Banco liquidation commission

5:27 CAT | 31 Oct 2018

File photo: Notícias

The Bank of Mozambique announced on Tuesday that two new members of the Nosso Banco liquidation commission, an institution that belonged to the Mozambican Social Security Bank and went bankrupt in November 2016, had taken office.

The new members joining the chairman are Eduardo Nhampossa and Agostinho Manjeje, representing shareholders and creditors respectively, the central bank writes in a statement.

The Bank of Mozambique hopes that “the new entrants will introduce greater swiftness, in view of a fast closure of the process,” it adds.

“The task that awaits you is not easy given the particularities of Nosso Banco, so the outcome of this may be a benchmark for banking in the future,” the governor of the central bank Rogério Zandamela says in a statement.

For those responsible, it is imperative that there be “justice” and “balanced solutions”, since “there are many interests at stake that need solutions through which none of the players is harmed”.

The two new members join Irene Maurício, chairman of the commission, who was sworn in in August after being appointed by the governor of the Bank of Mozambique.

The Bank of Mozambique determined the liquidation of Nosso Banco on November 11, 2016, designating Deloitte & Touche (Mozambique) as chairman of the liquidation commission.

At the time, the central bank said that “it was not possible to recover the financial and prudential deficit” of the institution, which was unable to comply with a restructuring plan outlined in 2014 and was therefore “endangering the interests of depositors and other creditors, as well as the normal functioning of the banking system”.

In May of this year, the Bank of Mozambique dissolved the then Nosso Banco liquidation commission, citing non-compliance with its legal obligations.

In early October, the central bank called Mariano Matsinhe, a veteran of the ruling party the Mozambican Liberation Front (Frelimo), Francisco Mazoio, the president of Social Security, and Mussa Tembe, a former administrator of Nosso Banco, to respond for contraventions in the insolvency.

ALSO READ: Most Nosso Banco clients will get their money back – PM tells Mozambican parliament

Source: Lusa