Minister requires the return of 7 million USD INSS

The Minister of Labour and Social Security, Victoria Diogo, instructed, recently, the Director-General of the National Social Security Institute to recover the value of an investment of more than seven million dollars, equivalent to 210 million meticais in participation with the company CR Aviation. Ltd, belonging to the president of the Association of Economic Activities (CTA), Rogério Manuel, according to newspaper Magazine Independent this week.A business bad debts from the start and contoured to blend with a big fraud, the National Social Security Institute (INSS) signed a memorandum of understanding with the company CR Aviation, a company of the civil aviation industry to operate one for investment the acquisition of certain aircraft.The memorandum between the INSS and the CR Aviation aimed at setting up a partnership in the context of diversification of the investment portfolio, further to the materialization of the guardianship recommendation given in Nampula Province to Members of the Board of Directors, in order to provide support to small and medium-sized Mozambican companies owned by nationals.However, according to a file of the entire process, held by the Magazine at the time of the negotiations there were a number of irregularities, since it does not comply with the requirements established under subparagraph e) of paragraph 2 of Article 106 of Regulation Compulsory Social Security, approved by Decree No. 53/2007, of December 3, which states that the INSS values ​​can only be invested in equity securities quoted on the Stock Exchange.A requirement that Rogério Manuel firm did not meet at all, but even so, there was one blind eye and moved up to the memorandum, to then be asked the requirements for quoting the CR Aviation Stock Exchange of Mozambique as evidenced by the craft 537 / INSS / GAB-DG / 2014 dated September 29, 2014.The amount invested by the INSS, three million dollars intended for the acquisition of 15% of the share capital of CR Aviation Ltd; two million, eight hundred thousand US dollars was the advance to guarantee entry of the INSS in the Company CR Aviation Ltd, whose aim was the acquisition of four aircraft in the process of its operating leverage and the remaining one million and two hundred thousand US dollars were related to administrative costs, in particular, inspection of 4 aircraft, insurance and maintenance.For this reason, funding and partnership agreement with the INSS, so that the latter acquired 15% of shares, is still ongoing, because the CR Aviation waits for the 2015 accounts closing to start the sale process of its shares at INSS, in the Mozambique Stock Exchange.Even before finishing the dossier from the sale of 15% of the shares to the INSS, Rogério Manuel is selling the last part of their shares to AVS Investments Ltd without the consent of the INSS, which according to the composition of the CR Aviation Ltd, furnished to the Bank to which the AVS investments are requesting financing for the transaction, the INSS does not even appear in the shareholder composition of the CR Aviation.For this reason, the AVS Investment company underwent a park bench a request for funding of investment credit in order, worth over 35 million meticais, to acquire shares of Rogério Manuel, corresponding to 49%. With this acquisition, AVS Investment will hold 100% of shares of the company CR Aviation, Lda. More developments in the newspaper Imprenso Magazine Independente. Reginaldo Tchambule