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Lusa - Business News - Mozambique: NGO warns of 'technical bankruptcy' of state business sector

Maputo, Feb.27,2020 (Lusa)- The Centre for Democracy and Development (CDD), a Mozambican NGO, on Thursday warned of the technical bankruptcy of the state business sector, demanding clear and serious reforms in the restructuring process.
"The government is not conducting the restructuring process of the state's business sector seriously and quickly and continues to drain public funds to companies of dubious management," Adriano Nuvunga, director of the CDD, told Lusa.
For Nuvunga, the condition of technical bankruptcy that the state business sector is passing through benefits the ruling party, Frente de Libertação de Moçambique (Frelimo), which in some cases, according to the academic, looks at institutions as "slush funds".
"I give the example of the company Petróleos de Moçambique [Petromoc], which is clearly in technical bankruptcy, but is kept inefficient in the market because it allows for an agenda of a political nature, draining money for the ruling party," said Adriano Nuvunga, warning that the government continues to issue guarantees for financing Petromoc even though the institution is in insolvency.
In August last year, the chairman of the board of the company, Hélder Chambisse, admitted the company's insolvency, considering that the oil company owes 12 billion meticais to banks, has accumulated annual losses of more than three billion meticais in the last three years and has lost market share, from over 50% to 24%.
For Nuvunga, Petromoc is one of many examples of Mozambican state-owned companies that should undergo serious restructuring, in a list that also includes the Mozambique Airlines (LAM) and the Airports of Mozambique.
In 2018, LAM had its board of directors dissolved at an extraordinary general meeting convened to review the company's financial situation at a time when the carrier was facing serious financial problems.
Aeroportos de Moçambique had its accounts frozen by court order following an €11 million debt claimed by the winding-up board of the now-defunct Nosso Banco, in addition to a total of €238 million owed to commercial banks.
Adriano Nuvunga has doubts about the benefits of privatisation of these companies, as the deficiencies of the Mozambican private sector are clear.
"The Mozambican private sector is a cheating sector and lives at the expense of the state. We have not yet seen a situation of companies resulting from privatisation operating at full capacity," Nuvunga said.

Agency : LUSA

Date : 2020-02-28 09:06:00


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