Home BusinessBanking Angola: Unita Parliamentary Bench Wants Inquiry Into BPC Bank

Angola: Unita Parliamentary Bench Wants Inquiry Into BPC Bank

Namibia: Peugeot Will Export 'Once Issues Are Resolved'

Luanda — The UNITA parliamentary group asked the National Assembly to set up a Parliamentary Inquiry Commission (CPI) into the management of the Banco de Poupança e Crédito – BPC (Savings and Credit Bank, in English).

The capital of BPC is entirely constituted by State Entities, with 75% subscribed directly by the State, while the National Institute of Social Security (INSS) holds 15% and the Social Security Fund of the Angolan Armed Forces CSS / FAA) subscribes to the remaining 10%.

During a press conference held last Wednesday, in Luanda, the second vice president of the UNITA parliamentary bech, Navita Ngolo, justifies that, based on the 2019 report and accounts, the institution (BPC) recorded a loss of 404.7 billion Kwanzas (US $618.549.338 Equivalent).

For this reason, the institution is in a situation of technical bankruptcy with liabilities higher than assets, of around 87.2 billion kwanzas and a solvency ratio below the minimum regulatory limit defined by the Central Bank.

It also points out the constant embezzlement that has been taking place in the same bank and successive recapitalizations without success.

Situation of Public calamity

UNITA understands that Presidential Decree nº 276/20, on the Exceptional and Temporary Measures to be in force during the Situation of Public Calamity declared by force of Covid-19, in its articles 25º on the “Activities and Meetings”, as well as Article 29 on “group of people on public places” restricts citizens’ rights, freedoms and guarantees.