Only three Angolan state companies present accounts for 2012

28 March 2013

Angolan state insurance company Empresa Nacional de Seguros de Angola, television company Televisão Popular de Angola and railroad company Caminhos-de-ferro de Benguela are the only Angolan public companies that presented accounts for the 2012 financial year, the director of the Supervisory Department of Public Companies said in Luanda.

Cristina Padrão also said that public companies must hand over reports and accounts for approval to the Institute for the Public Company Sector by 1 April as the legal deadline each year ends on 31 March.

According to Angolan news agency Angop, Padrão said that the companies that do not present their accounts within the legal deadline may be subject to sanctions, one of which may be replacement of their boards of directors, many of which have ended their terms of office.

Padrão did not give details of the number of companies that had yet to present their accounts, but said that the Institute was gathering information about the companies that are still public, because there are some that are in the process of being privatised, liquidated or closed down.

In 2011 the ISEP had a registration list of 86 public companies.

Of that number 60 companies presented their reports and accounts, and only 15 were approved, 14 of which with reservations, and just one, power distribution company Empresa de Distribuição de Energia Eléctrica, without reservation, that is, according to accounting standards.

ISEP is responsible to the Angolan Economy Ministry. (macauhub)