Mozambique: Electronic money institution profits leap over 40% to €31.9M
Moza Banco shareholder calls extraordinary general meeting – Mozambique
11:01 CAT | 10 Oct 2016
mocambiquecapitais.co.mz (File photo)
Moçambique Capitais, one of the shareholders of Moza Banco, has announced an extraordinary general meeting to assess its situation and prospects for the future.
Moçambique Capitais is the largest shareholder of Moza Banco, a financial institution created in 2008 and which has recently been the target of interventions by the Bank of Mozambique.
According to Mozambique’s central bank, Moza Banco had solvency ratios below zero, leaving the institution in a very weak situation and leading to it being put under administration. The central bank further justified the measure on the grounds of the declining financial and prudential situation of Moza Banco SA.
While a central bank source explained that the measure was designed to safeguard the integrity of the institution and that of the national financial system in general, Banco de Moçambique immediately announced the suspension of the Moza Banco board of directors and executive committee.
The Bank of Mozambique appointed a provisional board of directors chaired by João Figueiredo whose mandate will last until the normalisation of the situation, and has reassured the market and general public that Moza Banco will continue to function within normal parameters.
The central bank also said that the decision arose out of the need to strengthen measures provided for in Article 83 of Law No. 15/99 of 1 November, as amended by Law No. 9/2004, of 21 July – law of Credit Institutions and Financial Companies, in order to protect the interests of depositors and other creditors, as well as safeguard the normal operation of the banking system under articles 81 and 84 of the Act.
Source: Notícias
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