Browsing: INSS

Finance Helena Taipo
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Mozambique’s former labour minister - currently the country’s ambassador to Angola - has been accused by state prosecutors of receiving MZN 100 million ($1.64m) in corrupt payments while serving in the government of Armando Guebuza up to the end of 2014, [...]

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Business Nosso Banco was placed into liquidation in November 2016.
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Failed Mozambican bank Nosso Banco never paid a single dividend to its majority shareholder, the public social security fund INSS, which invested half a billion meticais in the bank and deposited almost 3 billion meticais.

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Business Bank of Mozambique governor Rogério Zandamela addressing journalists on 21 October 2016. Photo © Tom Bowker / Zitamar News
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First Moza, now Nosso Banco – with two failed banks in less than two months in a distressed economy, there is a broad expectation in the market that other banks could be in danger. A look at what the two failed banks have in common provides some clues [...]

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