Government of Angola negotiates the termination of the concession contract awarded to Caioporto

1 June 2018

The Angolan government plans to negotiate the termination of the concession contract for the construction of the Caio port in Cabinda, granted to Caioporto, and a commission for that purpose was created by presidential dispatch no. 66/18, of 30 May, according to the international press.

The creation of this negotiating commission, to be coordinated by the Ministry of Transport, is a summary of the presidential dispatch involving Caioporto, whose main shareholder is Swiss-Angolan businessman Jean-Claude Bastos de Morais, investigated by the Angolan authorities about management of assets of the Angolan Sovereign Fund.

The Swiss-Angolan businessman, president and founder of Quantum Global, who managed more than US$3 billion of the US$5 billion in assets of the Angola Sovereign Fund, was charged last week and prevented from leaving Angola after questioning at the National Directorate of Investigation and Criminal Action of the Attorney General’s Office (PGR), according to the local press.

The construction of the port, valued at US$831.9 million, was included in the China Credit Line, with the Angolan State bearing 85% of the cost of the contract and the concessionaire the remaining 15% or US$124.8 million.

Construction of the port, in Caio Litoral, will be carried out in three phases, the first of which is the construction of port infrastructure and a cargo service area of 100 hectares and a 775-metre pier. The China Road and Bridge Corporation (CBRC) has been hired to carry out the contract. (macauhub)