The buildings of the Correios de Moçambique company are being sold far below the average market price, that is, they are undervalued, according to the Center for Public Integrity (CIP). The total of the company's 176 properties nationwide é of 1.1 billion meticais.

The evaluation conducted by the consulting firm Intellica, SA, a company linked to the Minister of Agriculture, Celso Correia, concluded that there are 176 properties located in all provinces of the country, except Cabo Delgado.

CIP, citing the company's report, says that several buildings in the center of the capital are "well below market price.

Among the properties are: "a property located in Av. 25 de Setembro - Prédio continental, n◦ 1511, 2◦ andar - downtown Maputo, valued at 149,347 MT; ii) a property located in Bairro da Sommerschield, Rua Tchamba n◦ 286 R/C (Antiga Estação Postal da Sommerschield), valued at 1.6 million MT; iii) a property located at Polana Cimento, Av. 24 de Junho n◦ 285 R/C (Antiga Estação Postal da Polana Cimento), valued at 1.4 million MT; and iv) the Bairro Central Postal Station property, Av. Eduardo Mondlane n◦ 2040 R/C, valued at 1.8 million MT."

There is more: "the apartment type 3, located in Polana Cimento, Av. 24 de Julho n◦ 316, evaluated at 2.8 million MT, being that it costs, at least, six million MT, an undervaluation of about 3.2 million MT. The same happens with the apartment type 2, located in the Neighborhood of Malhangalene, Av. Vladimir Lenine n◦ 1725, 2◦ right floor, valued at one million MT, being that the same has the minimum value of five million MT, an undervaluation of about four million MT."

According to some real estate agents in Maputo consulted by CIP, "on average, each square meter of a property in downtown Maputo is valued at about 600 US dollars, thus showing that the properties of the Correios de Moçambique company are undervalued.

The buildings in question are currently occupied by private companies engaged in commercial activity.

"The undervaluation of the properties of the Correios de Moçambique company puts the State's assets at risk and shows an imminent dilapidation of public assets, since they may be sold, or reverted to private companies, at a price well below the market price," reads the CIP report.

The 176 properties are valued at 1.1 billion MT. They are to be sold and part of the value will be used to pay off debts, including compensation to workers. Meanwhile, the Institute for the Management of State Holdings (IGEPE) informed, in letter n◦ 443/IGEPE/PCP/2022 of April 20, 2022, that the total of 853.8 million in debt, about 95% (813.4 Million) will be paid with the proceeds from the sale of the properties.

The CIP calls for "urgent" intervention by internal audit institutions "the Inspectorate General of Finance, the Administrative Court and the Assembly of the Republic" and external ones to safeguard "public assets.