Accounts of 39 Angolan public companies approved with reservations

22 November 2019

Only seven Angolan public sector companies have had their accounts approved unreservedly by the State Assets and Holdings Institute (IGAPE) and 39 others have been approved with reservations, the institution’s chief executive, Akiules de Jesus Neto said on Thursday in Luanda.

IGAPE released a report containing financial information of the 50 companies that are 100% controlled by the Angolan state, which states that the accounts of four of these companies were not approved.

The seven companies with unreservedly approved accounts are tBanco de Comércio e Indústria, Bolsa de Dívida e Valores de Angola, Caminho de Ferro de Benguela, Empresa do Caminho de Ferro de Luanda, Empresa Portuária do Lobito, Empresa Nacional de Exploração de Aeroportos e Navegação Aérea and Recredit.

Jesus Neto, quoted by the Angolan press, also said that among the 39 companies that had their accounts approved with reservations were nine from the Energy and Water sector, nine from Transport, four from the financial sector (banking and insurance) and four from the media sector.

This list also includes three companies related to the Mineral Resources and Oil sector, such as oil company Sonangol, two related to Agriculture, two to telecommunications, one to Public Administration, one to the Council of Ministers Office, among others.

The report said that the State Business Sector ended 2018 with assets of 23.89 billion kwanzas, an increase of 61% year-on-year, with companies in the mining and oil, financial and energy and water sectors accounting for 86% of the total.

The companies in question had a liability of 14.059 billion kwanzas, and the companies in the three sectors mentioned represented 94% of the total. (Macauhub)