ANGOLA'S AUDIT COURT (TC): Detects Irregularities in Former BPC Management

Angola's Audit Court issued the following announcement on October 6.

Angola's Audit Court (TC) has detected various irregularities in management of Paixão Júnior, while at the position of the chairperson of the board of directors of Banco de Poupança e Crédito (BPC), between 2010 and 2016.

The story is published by the state-run newspaper "Jornal de Angola" in its Monday edition, which also quotes the conflicts of interests and businesses with himself.

Making reference to a report released by Audit Court on BPC, SA in 2017-2018 period, Jornal de Angola pointed to real estate, land and even losses in the conversion of the national currency in contracts in foreign currency, whose the exchange taxes have become unfavourable to BPC at the period of great exchange market pressure, among the investments.

The former BPC CEO, who was sacked on 3 October 2016 by the former Angolan president José Eduardo dos Santos, after 17 years in charge of the institution, was accused of conflicts of interest and business with himself.

He was accused of having sold to the bank, he led himself, a plot of a land measuring 3,300 square meters in Luanda's Zango 3 neighborhood, at a price of USD 1.6 million.

The plot of land which was a family inheritance, and Paixão Júnior himself part of the heirs, was sold by the company July & Filhos, that belongs to Paixão Junior's brother.

The price of USD 484 per square meter practiced in the sale of the land was five times more than the average of the plots of the land in the market.

In its note, TC clarifies that after being fired from the position, Paixão Júnior authorised and ordered the acquisition, from the Mazzarati company, of a 300 acres land located in Barra do Dande, northern Bengo province, at USD 40.4 million, which was not included in budget.

The acquisition was made by the former deputy director of Co-mercial Board, João Paixão, on 3 October 2016, based on a contract only signed by Paixão Júnior.

Original source can be found here.