In December 2023, the company Moçambique Capitais asked the Assembly of the Republic (AR) to intervene to demand that the Bank of Mozambique (BM) restore the legality allegedly violated during the Moza Banco restructuring process, between 2016 and 2017.

Summoned this week by the AR's Eighth Committee on Petitions, Complaints and Claims, the BM explained that the lawsuit filed against Moçambique Capitais, the founding company of Moza Banco, aims to protect the country's financial system.

"It is the responsibility of the Bank of Mozambique, as the regulator and supervisor of credit institutions and financial companies, to ensure that what is laid down in the law for this area is guaranteed," said Benedita Guimino.

The Director of the Central Bank explained that two cases are being processed in the Administrative Court. These are contentious appeals for annulment filed by Moçambique Capitais and its shareholders.

"As far as the Bank of Mozambique is concerned, [the TA] ensures that the disputes arising from this matter are under the jurisdiction of the judiciary," he told the members of the parliamentary committee.

The WB's intervention in Moza Banco between 2016 and 2017 was due to the financial unsustainability of the commercial bank. The process culminated in the reduction of Moçambique Capitais' shareholder structure in Moza Banco in September 2016. The new structure now has Kuhanha as the largest shareholder (80%), Novo Banco 10% and Moçambique Capitais also with 10%. Before the crisis, Moçambique Capitais held 50.9% of Moza Banco's shares.

At the time, Kuhanha, the BM's pension management company, injected 8.1 billion meticais to rebuild Moza Banco.

Ezequiel Gusse, vice-chairman of the AR committee, said he was satisfied with the clarifications provided by the Central Bank, as they were in line with the law.

For the parliamentarians, "there has been no violation of any instrument. And, as an Assembly, we will wait for the outcome."

(Sources: Televisão de Moçambique and Notícias newspaper)