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ATA - Tax register/Number of small businesses tripled in last 5 years
TIRANA, September 25/ATA/During the last five years, the number of small businesses has tripled.
Prime Minister Edi Rama provided data today...
NNA - إطلاق مبادرة بيروت في منازل الذاكرة لترميم أبنية تراثية تضررت جراء انفجار المرفأ الاربعاء
وطنية - أعلنت 'مؤسسة هبة القواس' الدولية أنها بالتعاون مع 'مينتور' العربية و"مجموعة اليافي" والمجلس اللبناني الالماني للثقافة والاثار، إطلاق مبادرة "بيروت في منازل الذاكرة" لترميم ابنية تراثية تضررت جراء...
MAP - L'Africa Design Academy verra le jour en octobre 2021
Rabat-25 Septembre 2020-(MAP) -Le designer international Hicham Lahlou a annoncé le lancement en octobre 2021 de l"Africa Design Academy", ...
ATA - COVID-19/ Ministry of Health: 100 recovered and 134 new cases in last 24 hours
TIRANA,September 24/ATA/-In the past 24hours, 852 tests have been performed on cases suspected of COVID-19 with 134 cases confirmed positive,...
NNA - Yokohama supports Lebanon: Japanese Red Cross provides assistance to Lebanese counterpart
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MAP - L'événementiel en quête de perspectives meilleures
Casablanca-25 Septembre 2020-(MAP)-L'événementiel, industrie quasiment à l'arrêt depuis le début de cette crise sanitaire liée à la pandémie du nouveau...
NNA - Ministry of Health: 1143 new Coronavirus cases
NNA-The Ministry of Public Health announced on Friday the registration of 1143 new Coronavirus infections within the past 24 hours,...
MAP - Morocco, Green Energy Bridge Between Europe and Africa (The Parliament Magazine)
Brussels -September 25,2020(MAP)-Morocco has become a green energy bridge between Europe and Africa, wrote the European publication "The Parliament Magazine"....
ATA - SCA dismisses from office former head of Serious Crime Prosecution
TIRANA,Sept 25/ATA/–I.Vata/ Former head of Serious Crimes Prosecution, Donika Prela, is dismissed from office.
The Special College of Appellate has dismissed...
NNA - وزارة الصحة: 1143 اصابة كورونا
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وجاء في تقريرها:
MAP - Morocco Successfully Issues 1-bln-euro Bond
Rabat-September 25,2020-(MAP)-Morocco on Thursday issued successfully a one-billion-euro bond on the international financial market (two tranches of 500 million euro),...
NNA - Ministère de la Santé: 1143 nouveaux cas confirmés et 4 décès
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MAP - Three Projects Announced as part of 2021-2023 Industrial Recovery Plan - Official
Casablanca - September 25, 2020 - (MAP) -Minister of Industry, Trade and Green and Digital Economy Moulay Hafid Elalamy announced,...
CNA - ثماني حالات إصابة جديدة بفيروس كورونا اليوم
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Lusa - Business News - Portugal: PSI20 stocks close Friday down 1.3%, seventh consecutive drop
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Lusa - Business News - Portugal: 'Alentejo Global Export' project aims to promote agri-food companies
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Lusa - Business News - Portugal: Country now on Switzerland's quarantine list
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Lusa - Business News - Portugal: Police seize 1,200 kg of sardines abandoned on Matosinhos quayside
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أكدت وزيرة خارجية المملكة المتحدة لشؤون الاتحاد الأوروبي ويندي مورتون دعم المملكة المتحدة المستمر من أجل التوصل إلى تسوية عادلة...
Lusa - Business News - Portugal: Azores records two more coronavirus cases in 1,094 tests done in last
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Lusa - Business News - Portugal: Number of drivers caught with no insurance up 200% in the last decade
Lisbon, Sept.25,2020(Lusa) - The number of uninsured drivers in Portugal detected by the authorities increased 200% in the last decade,...
Lusa - Business News - Portugal: New legislation on work onboard fishing vessels approved by parliament
Lisbon,Sept.25,2020(Lusa)- The Government's draft law on work on board fishing vessels was approved by a large parliamentary majority on Friday....
Lusa - Business News - Portugal: Food security officers seize 22 tons of food in roadside spot checks
Lisbon, Sept.25,2020(Lusa)- About 550 masks with improper CE marking and 22 tons of food, such as meat, cheese and tomatoes,...
Lusa - Business News - Portugal: Road accidents at all-time low - Minister
Lisbon,Sept.25,2020(Lusa)-Portugal may record the lowest number of fatal accidents and serious injuries on the roads this year since records began,...
Lusa - Business News - Portugal: Public sector balloons by over 15,000 in Q2
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Lusa - Business News - Cabo Verde: Domestic flights still hobbled by border controls
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Lusa - Business News - Cabo Verde: Social security spends €6M on furloughs, welfare in second quarter
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CNA - CYPRUS/Nicosia
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Lusa - Business News - Portugal: Évora to host new trans-Atlantic aircraft project
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Lusa - Business News - Macau: Region loses 13,500 non-resident works, unemployment unaffected
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أكد رئيس الجمهورية نيكوس أناستاسياديس بأن الشرط الأساسي لكل عملية سلام هو أنه من أجل استئناف المحادثات بآفاق واقعية للنجاح، من...
Lusa - Business News - Angola: Claim of €193M misappropriation 'diversionary move' - Ex-VP
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Lusa - Business News - Macau: Air Macau sees passenger numbers doubling in October from September
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Lusa - Business News - Portugal: PSI20 opens 0.09% down at 4,045.99 points
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Lusa - Business News - Portugal: Top headlines on Friday
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Lusa - Business News - Angola: State must be ready to finance Isabel dos Santos companies - economist




Luanda,Feb.13,2020(Lusa)–The Angolan state must be prepared to intervene and finance companies in which Isabel dos Santos has held major stakes, after one of them came into difficulties, a veteran commentator on economic affairs argued on Thursday.
Carlos Rosado, an economist and former editor of specialist publications in his native Angola and in Portugal, spoke after reports that Sodiba, a brewer, could collapse. The news came two months after dos Santos’s assets in Angola were seized on the order of a Luanda provincial court, as part of a criminal investigation into her financial dealings.
The Angolan businesswoman, who is the eldest daughter of José Eduardo dos Santos, a former president of the country, has also seen her bank accounts in Portugal frozen at the request of the Angolan authorities, which could further impact on her companies.
"It depends a lot on what phase they are in," Rosado told Lusa.
While the situation should not cause problems to banks such as Banco de Fomento Angola and Lisbon-based EuroBic, or to Angolan telecommunications operator Unitel, other companies that are less established and more dependent on their shareholders may experience difficulties, as is "apparently" the case with Sodiba, he said.
In a recent interview with Lusa, Luís Correia, the chairman of the board at Sodiba, which produces beer in Luanda that is marketed under the brands Luandina and Sagres, acknowledged medium-term concerns because the brewer’s business plan is dependent on the injection of 1,500 million kwanzas (€2.7 million) in the first quarter and this has been halted by the seizure of assets at the request of Angola’s attorney-general.
Rosado argues that the state should thus present solutions to protect these companies.
"Companies one hundred percent owned by Isabel dos Santos and which are at an early stage need financing,” he said. “If the shareholder has their accounts frozen and cannot put money in, I think it has to be the state that does so."
Arranging banking solutions at this time, he stressed, "will not be easy".
Other companies owned by Isabel dos Santos that may in a situation similar to that of Sodiba are the Candando hypermarket network and television broadcaster Zap.
“We don't know if these companies in their early years, which still depend on shareholder support, are already generating enough cashflow to pay for investments,” Rosado said. “So they either use bank financing or shareholders.”
He stressed, though, that "only if you know the accounts of companies can you draw conclusions."
Rosado said that Isabel dos Santos, "who boasts of being a good businesswoman and good manager and good investor" should have ensured that the companies had plenty of capital to face any possible problems.
"Companies usually do not turn to shareholders; only at an early stage,” he noted. “After reaching the cruising speed they live on their own. It makes no sense to ask money from the shareholders.”
According to the economist, much uncertainty surrounds the companies’ situation and all involved need to take care.
"This, at the very least, has introduced uncertainty and I don’t know how the state will resolve it: if it is necessary for the shareholder to put in money, as [the chairman of] Sodiba said, who will put the money in if the accounts are frozen," Rosado pondered. He added that it does not seem to him that "this issue has been taken care of".
In addition, the companies involved face problems "because Isabel dos Santos is a shareholder" in that they are already "seen differently" by business partners and investors.
It is also necessary to know "what the state will do with these companies" and, above all, whether there will be a readiness to intervene financially, possibly through IGAPE, the institute that manages state shareholdings.
Rosado recalled that "a very ambitious privatisation programme" has been launched in Angola and that this "is probably not be the best time" to do this, but warned that the state has to be prepared for anything.
"If they end up with the assets, they’re to be sold – I assume that is the state’s intention,” he said of dos Santos’s companies. “But they have to be prepared for the problems that may arise, if Isabel dos Santos cannot put in the money, it has to be someone [doing it] for her."
The economist also noted "the paradox" that at a time when "the state wants to privatise and get out of the economy, it is going through a phase where it have to increase further its presence in the economy."
The International Consortium of Investigative Journalists on 19 January released more than 715,000 files under the name 'Luanda Leaks' that allegedly detail financial schemes by Isabel dos Santos and her husband, Sindika Dokolo, that enabled them to withdraw funds from the Angolan public treasury using tax havens.
Dos Santos was named by Angolan public prosecutors as a formal suspect, but has already denied any wrongdoing, and claims to be the victim of political persecution.

RCR/ARO // ARO.
Lusa


Agency : LUSA

Date : 2020-02-14 00:18:00







 

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