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NNA - New win for the Lebanese technology sector despite a severe nationwide crisis
NNA-Amid a challenging time that Lebanon is going through,the Lebanese technology sector brings hope to a resilient nation that persevere...
SANA - Syrian poet Dana Abu Mahmoud reaches semi-final of Prince of Poets competition in UAE
Damascus, SANA - Dana Abu Mahmoud chose poetry as her voice to prove her talent in local and Arab competitions,...
NNA - Ministry of Public Health: 165 new coronavirus infections, 1 death; no cholera cases
NNA-Lebanon has recorded 165new coronavirus infections and one death in the past 24hours,the Ministry of Public Health indicated on Friday....
SANA - وزير الصحة: استئصال شلل الأطفال بحاجة لتأمين اللقاح والتمويل للحملات الوطنية
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وأكد وزير الصحة الدكتور حسن الغباش في بيان للجمهورية العربية السورية...
NNA - UNDP, Germany inaugurate new Qalamoun fish market through KFW development bank
NNA-The United Nations Development Programme(UNDP), in partnership with Germany through KfW Development Bank, established and inaugurated the new fish market...
SANA - Health Minister: Necessity of securing vaccine and funding national campaigns for Polio eradication
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NNA - وزارة الصحة العامة: 165 إصابة بكورونا وحالة وفاة واحدة ولا إصابات أو وفيات بالكوليرا
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SANA - Ministre de la Santé : L’éradication de la poliomyélite requiert le vaccin et le financement pour les campagnes nationales
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Lusa - Business News - Portugal: Stock market closes with benchmark PSI index off 0.55%
Lisbon,Feb.3,2023(Lusa)-The Lisbon Stock Exchange closed Friday down,with the PSI index losing 0.55% to 5,924.32points and EDP Renováveis leading the losses....
Lusa - Business News - Angola: Country imports around 80% of wheat, rice, barley - government
Luanda,Feb.3,2023(Lusa)- Angola's production of wheat, rice and barley has a deficit of 80%, with supply insufficient to meet market demand,...
Lusa - Business News - Portugal: Major disruptions to train services 8-21 February due to strikes - CP
Lisbon,Feb.3,2023(Lusa)-CP- Comboios de Portugal, the country's incumbent rail operator, on Friday warned of "major disruptions" in train services between February...
Lusa - Business News - Timor-Leste: Attending meeting as observer a big step to joining ASEAN - minister
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Lusa - Business News - Portugal: Madeira wants residence permits for foreigners investing in country
Santa Cruz, Madeira, Portugal, Feb. 3,2023 (Lusa) - The head of the regional government of Madeira, Miguel Albuquerque, on Friday,...
Lusa - Business News - Portugal: PSD warns of failures, lax banking regulation wants parliament hearing
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Lusa - Business News - Portugal: Azores government against €3 eco-tax on cruise vessel passengers
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Lusa - Business News - Cabo Verde: Uni unveils first PhD course in maths in region, maths laboratory
Praia,Feb.3,2023(Lusa)-The University of Cabo Verde(Uni-CV) inaugurated on Friday its Mathematics Laboratory, whose materials are supported by almost €50,000 ...
Lusa - Business News - Portugal: Plans to raise up to €1B in auction of 10-year bonds on 8 February
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Lusa - Business News - Portugal: Airport management fees to rise by one third of initial proposal
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CNA - هيئة راديو وتلفزيون قبرص تؤكد أن الإعلان عن نتائج استطلاعات الرأي قد توقف إلى ما بعد انتهاء الانتخابات الرئاسية يوم الأحد
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Lusa - Business News - Portugal: BPI reports 2022 profit up 19% at €365M as net interest rises 20%
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Lusa - Business News - Portugal: Loulé Islamic baths on path for national monument status
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Lusa - Business News - Portugal: Industrial accidents killed 124 workers in 2022
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CNA - تسجيل أربع حالات وفاة بسبب كوفيد و1497 حالة إصابة جديدة الأسبوع الفائت في قبرص
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Lusa - Business News - Portugal: Cattle GPS useless due to lack of mobile phone signal
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Lusa - Business News - Portugal: Stock market remains red with EDP Renováveis falling more than 2%
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Lusa - Business News - Portugal: Covid-10 tests on passengers from China extended to end of February
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CNA - مراسم إعلان الرئيس الجديد لقبرص تقام في ملعب 'تاسوس بابادوبولوس – إليفثريا'
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Lusa - Business News - Sao Tome: Portugal's PM visits counterpart on way to CAR
Sao Tome, Feb.3,2023(Lusa)- Portugal's prime minister met on Friday with his counterpart from Soa Tome, Patrice Trovoada, in Sao Tome,...
Lusa - Business News - Portugal: Stock market opens in the red, down 0.33% to 5,937.28 points
Lisbon, Feb.3,2023(Lusa) - The Lisbon stock market opened in negative territory on Friday, with the PSI index (Portugal Stock Index),...
Lusa - Business News - Macau: China restarts organised tours
Macau,China,Feb.3,2023(Lusa)- China announced on Friday the end of all restrictions due to the Covid-19 pandemic on travel to Hong Kong...
Lusa - Business News - Portugal: Contamination of former refinery land 'expected' - Galp
Porto,Feb.3,2023(Lusa)- Portugal's largest oil company Galp said on Thursday that it had expected that the land where its refinery operated...
Lusa - Business News - Guinea-Bissau: President confident about common west African currency by 2027
Bissau,Feb.3,2023(Lusa)-The president of Guinea-Bissau, Umaro Sissoco Embaló, said on Thursday he was confident about the creation of the single currency...
Lusa - Business News - Mozambique: Defence council calls for 'immediate solutions' to SA attacks
Maputo, Feb.3,2022(Lusa) - Mozambique's National Defence and Security Council (CNDS) on Thursday called for "immediate solutions to the competent authorities"...
CNA - الخارجية الأمريكية تؤكد أنه لا سياسة جديدة بشأن رفع حظر الأسلحة المفروض على قبرص
علقت الخارجية الأمريكية على الحظر الأمريكي الكامل للعقوبات ضد 22 فرداً وكياناً في مختلف الدول ومن بينها قبرص، بشأن شبكة التملص من العقوبات التي تدعم المجمع الصناعي العسكري الروسي. ...
Lusa - Business News - Portugal: Top newspaper headlines on Friday, 3 February
Lisbon,Feb.3,2023(Lusa)- World Youth Day is starting to get more attention as the preparations ramp up for the church's biggest event....
Lusa - Business News - Angola: More banks could go under with new share capital law, reckless management - expert




Luanda, Nov.25,2022(Lusa) – An Angolan specialist in banking law said on Friday that more banking and financial institutions in Angola may be declared insolvent in the near future, mainly due to the new imposition of the regulator on their share capital and "reckless" management.
Osvaldo Malanga said that bankruptcy equals death, he does not want banking institutions to be declared insolvent, but at the same time he concedes that these may see their licences revoked by the regulator, particularly in the area of share capital.
"Bankruptcy is equal to death and when someone dies, we all lose, the State loses because it does not collect tax, we citizens lose, because we lose jobs, and we all lose because it is bad when an entity that should help the economy disappears," he said.
He acknowledged, however, the bankruptcy of banking institutions in strict compliance with the new requirement of the national bank of Angola (BNA - the country's central bank) regarding share capital for commercial banks, now set at 15 billion kwanzas (€27.9 million).
"I think it [bankruptcy] could happen, we are talking about the BNA notice setting double the amount that was previously required, now it is 15 billion kwanzas," he told reporters.
Speaking on the sidelines of the 3rd Angolan Congress on Banking Law, where he spoke about the "Insolvency of Banking Financial Institutions," Osvaldo Malanga pointed to imprudent management and money laundering as some of the causes of bank insolvency.
Management that "is not prudent, that does not bring a financial return for the institution leads to the revocation of the license, and we can also add money laundering," he said.
"Because if the institution is used to launder money the BNA can also revoke the licence," he said, considering that politically exposed people in the banking sector also influence the revocation of institutions' licences.
"The issue of politically exposed people also influences the financial system, because we have seen that if these people do not meet any of the requirements that the law requires, then it could also be one of the causes of license revocation," he explained. The BNA has recently revoked the licenses of banking and non-banking financial institutions, as happened last October with Banco Prestígio, "due to a lack of maintenance of regulatory own funds.
Over the last few years the Angolan central bank has withdrawn the licenses of banks Mais, Postal, Angolano de Negócios e Comércio (BANC) and Kwanza Invest, due to "several irregularities and failures to comply.
According to the legal expert, the regulator's actions are in strict compliance with the General Credit Financial Institutions Act and the Business Recovery and Insolvency Act and, "for that reason, are legally backed.
And the BNA, he said, "does not revoke licenses just for the sake of revoking them, there is a previous regulatory proceeding in which the BNA sends several warnings to the financial institution, there are corrective measures, such as the issue of share capital.
"It is normal that those affected complain, but there is a legal process, there are legal norms that provide for prudential or corrective intervention by the BNA and then revocation as a measure of last resort," said Osvaldo Malanga.
"Before the regime we currently have, which has been in force since last year, bankruptcy could only be declared by a court, but now, in the banking sector, bankruptcy has an administrative nature, that is, who will declare that an institution is bankrupt or not is the BNA, it will no longer be the courts," he pointed out.
The specialist also explained that revoking the license of a banking institution is a measure of last resort, as the process begins with a prudential intervention by the regulator.
"Yes, there is prudential intervention, that is, the BNA will warn about the exercise of financial activity, if there is a need to increase the share capital, if there is not enough solvency for the exercise of that activity," he noted.
The 3rd Angolan Congress on Banking Law is due to take place today in Luanda, organised by Altafinança - an Angolan financial consultancy company.
DYAS/AYLS // AYLS
Lusa








Agency : LUSA

Date : 2022-11-26 00:32:00







 

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