The Bank of Mozambique (BM) has just fined Banco Comercial e de Investimento (BCI) around 135 million Meticais for accepting an alternative and indirect way of fulfilling a credit obligation.

The punishment is also due to the undue exoneration of an institutional client from its credit responsibilities; the unfounded write-off of part of the interest generated in a credit relationship; and the assumption of costs contractually assigned to an institutional client.

In a statement quoted by "O País", the BM also decided to fine sixteen members of BCI's Board of Directors more than 16 million Meticais for having approved, in an alternative and indirect way, the fulfillment of a credit obligation of an institutional client; as well as approving the unfounded write-off of part of the interest generated in a credit relationship.

According to the same statement, the WB also fined four other banks, namely FNB, Letshego, Millennium BIM and My Bucks Banking, for different types of irregularities.

The fines imposed on these banks range from almost 29 million to eight million Meticais.