Mozambique: INAM warns of moderate to heavy rainfall in six provinces
in file CoM
Six former members of the board of directors of the bankrupt Nosso Banco have been fined 500,000 meticais each and prohibited from exercising social and management positions in credit institutions and financial companies for a period of three years, according to a Bank of Moçambique statement released on Thursday.
These are Adelino Buque, Mariano Matsinha, Francisco Mazoio, Tomás Sando, Mussa Tembe and Jaime Mutolo.
Nossa Banco was closed by order of the Bank of Mozambique in November 2016 due to lack of capitalisation and a sustainable economic and financial structure, and serious liquidity and management problems.
The extinct bank was 77.2 per cent owned by the National Institute of Social Security (INSS), with Electricity of Mozambique (EDM) holding 15.1 per cent.
At the time of its dissolution and liquidation, the bank was led by João Loureiro, a former member of the National Instituteof Statistics (INE).
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