Director of Deloitte & Touche (Mozambique) heads up liquidation committee of Nosso Banco

9 December 2016

The director of the Deloitte & Touche consulting company (Mozambique), João Machado, was named by the Bank of Mozambique as chairman of the liquidation committee of former ban Nosso Banco, according to a statement issued in Maputo by the Mozambican central bank.

The statement said that the committee will consist of three people, a chairman, a member representing the creditors and another on behalf of shareholders.

The committee’s main mission will be to determine assets and liabilities so that after selling the assets they can pay off creditors, probably on a prorated basis.

Through an order issued on 11 November by the Governor of the Bank of Mozambique, Nosso Banco was dissolved due to deterioration in the financial situation of the institution, affecting the main prudential and profitability indicators.

Nosso Banco was founded in 1999 as Banco Mercantil e de Investimentos (BMI), and changed its name in 2015.

Although it is a private entity, the majority of the capital belongs to the National Institute of Social Security (77%), and also shareholders of public company Electricidade de Mozambique (15%) and SPI – Gestão de Investimentos, a company linked to top figures of ruling political party the Mozambique Liberation front (Frelimo). (macauhub)