The process of dissolving the African Leasing Company (Moçambique), decided in November 2010 by the Bank of Mozambique, has now been concluded with the liquidation of debts owed to its workers, according to Mozambican daily newspaper Correio da Manhã.
According to the newspaper, state stake-holding company Instituto de Gestão das Participações do Estado (IGEPE), as the company’s liquidator, paid compensation to the leasing company’s former workers to a total amount of 14 million meticals.
In the official document dissolving the African Leasing Company (Moçambique), the governor of the Bank of Mozambique said that the decision had been made after the company failed to comply with the bank’s requirement to put forward a recovery plan.
“Violation of the laws and regulation that govern the activities of credit institutions and financial companies puts the interest of creditors at risk as well as the normal operating conditions of the financial system, and thus it is considered to be a reason to revoke authorisation to operate,” said the document from the Bank of Mozambique.
Initially set up as ULC Moçambique, the company changed its name to African Banking Corporation Leasing Moçambique and in 2007 to its final name of African Leasing Company (Moçambique). (macauhub)