The chief executive of Banco Comercial e de Investimentos, Paulo de Sousa, has been barred from holding corporate positions and management functions in credit institutions and financial corporations for three years, the Bank of Mozambique announced on Wednesday.
The banker was also punished with a fine of 200,000 meticais (US$3,240) and the publication by the Bank of Mozambique of the final punishment at his own expense
The Mozambican central bank reported that the defendant acted in conflict of interest when participating in the process of appraising and deciding on the proposed acquisition of Interbancos by Sociedade Interbancária de Moçambique (SIMO), and defending both SIMO’s interests as a director and Interbancos’ interests as Chairman of the Board of Directors.
Paulo Alexandre Duarte de Sousa is a member of the state-owned group Caixa Geral de Depósitos, the largest bank in the Portuguese financial system. Since 2013, he has served as chief executive of Banco Comercial de Investimentos (BCI). (Macauhub)