Angola’s state companies must present accounts or face sanctions

31 October 2012

Angola’s state companies that do not present their accounts for the 2011 financial year may face sanctions on funding provided by the government, Angola’s economy Minister, Abraão Gourgel said Tuesday in Luanda.

Cited by Angolan news agency Angop the minister said that the move was a result of the government’s wish to improve transparency in public governance and implement good management and governance practices.

“Many state companies are accumulating problems that are difficult to solve, specifically in terms of their legal and regulatory situation, the solution for which may require complex institutional changes and changes to current legislation,” he said.

The minister recognised that there was still some difficulty organising reliable records and accountants, as well as in the financial management of some companies, which make it almost impossible for public sector to draw up consolidated accounts.

On the same day Gourgel signed off on the accounts of 15 public sector companies, which was witnessed by their respective chairmen.

The accounts that were signed off were the Luanda/Bengo Special economic Zone, oil company Sociedade Nacional de Combustíveis de Angola (Sonangol), customs company Entreposto Aduaneiro de Angola, power distribution company Empresa de Distribuição de Electricidade (EDEL), electricity company Empresa Nacional de Electricidade (ENE), and water companies Empresa de Distribuição de Águas (EPAL), Empresa de Águas e Saneamento de Lobito (EASL).

The remaining accounts that were signed off were of railroad companies Caminhos de Ferro de Moçâmedes, Caminhos de Ferro de Luanda and Caminhos de Ferro de Benguela, port company Empresa Portuária de Cabinda, television company Televisão Pública de Angola (TPA), publisher Edições Novembro, radio station Rádio Nacional de Angola, and iron company Empresa Nacional de Ferro de Angola (Ferrangol). (macauhub)