A Angola Telecom has new Board of Directors, which until then was being led by a Coordinator of the Interim Management Commission Adilson Miguel Santos, who has now been appointed as Chairman of the board of directors of Angola Telecom, with the express mandate to capitalize the telecommunications company and lead it to privatization.
A few days after this appointment, the News Angola Telecom has been in technical bankruptcy for almost two years, with its assets being less than liabilities, leading the independent auditor to 2018 accounts, Seriously & Young to warn about uncertainties about business continuity.
Angola Telecom doubled the losses on 2018 to 35 billion kwanzas, according to the financial statements published on the website of the State Institute of Asset Management (IGAPE).
Despite the financial statements having been prepared based on the principle of operations, which the Interim Management Committee believes to be “appropriate” in the assumption of continued support by the State, the independent auditors are not so optimistic. THE Seriously & Young draws attention to the fact that equity is negative and current liabilities exceed current assets ”by 102,6 billion kwanzas. These circumstances indicate the existence of a significant uncertainty that could jeopardize the company to continue with its normal course of business.
