{"id":7974,"date":"2021-10-27T17:24:09","date_gmt":"2021-10-27T17:24:09","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=7974"},"modified":"2021-10-27T16:36:22","modified_gmt":"2021-10-27T16:36:22","slug":"liquidation-of-correios-de-mocambique-cip-asks-if-each-building-costs-805000-meticais","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/liquidation-of-correios-de-mocambique-cip-asks-if-each-building-costs-805000-meticais","title":{"rendered":"Liquidation of Correios de Mo\u00e7ambique: CIP asks if each building costs 805,000 meticais"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The Public Integrity Centre (CIP), a non-governmental organisation that advocates transparency and integrity in the management of public affairs, warns of the risk of squandering the real estate assets of the extinct public company Correios de Mo\u00e7ambique, which has been in liquidation since June of this year.<\/p>\n

The alert comes in a study published by the organisation on Sunday.<\/p>\n

At issue is the fact that the Institute for the Management of State Holdings (IGEPE), has assessed the 170 buildings declared by Correios de Mo\u00e7ambique in its 2019 annual report, as worth 137 million meticais, which corresponds to an average of around 805,000 meticais per building [around 12,608 US dollars per building, at current exchange rates].<\/p>\n

According to the CIP, the value is \u201cmuch below what is considered in the market, taking into account that the company\u2019s buildings are mostly located in provincial capitals and in the centre of cities\u201d.<\/p>\n

There is also the fact that Correios de Mo\u00e7ambique owns land, industrial buildings, guest houses and housing whose accounting valuation is unknown, as well as there being no information regarding the location of these assets or their current condition.<\/p>\n

\u201cThis possible undervaluation of the company\u2019s properties puts at risk the company\u2019s assets and the fulfilment of its obligations towards its stakeholders, since the main destination of the company\u2019s assets is the amortisation of its debts. Furthermore, this scenario of undervaluation of Correios de Mo\u00e7ambique property risks being associated with situations of corruption, in which a low valuation of the property may benefit future buyers to the detriment of compliance with the company\u2019s duties and, consequently, to the detriment of the state,\u201d the CIP says.<\/p>\n

Assets greater than debts<\/b><\/p>\n

According to the CIP study, by 2019, Correios de Mo\u00e7ambique had total assets of 409.6 million meticais, of which about 63% (258.9 million meticais) corresponded to amounts which the company was to receive from customers and other debtors. Standing out in the list of debtors are companies Gree Point Investment Group Ltd (with about 157.7 million meticais); subsidiary Post Bus (12.4 million meticais); postal accounts accepted from other countries (12.42 million meticais); and debts with the leasing of spaces (12.44 million meticais).<\/p>\n

\u201cThe company also has financial holdings of 8 million in the companies Corre, Post Bus and others. Meanwhile, in the 2019 report and accounts there is no record of receipts of financial returns from the participation in these companies. Therefore, the rights and obligations of Correios de Mo\u00e7ambique in relation to these companies constitute an aspect which equally deserves the attention of the IGEPE and the Liquidation Commission,\u201d the CIP study comments.<\/p>\n

According to the CIP, citing the 2019 annual report, Correios de Mo\u00e7ambique has accumulated debts of 402.1 million meticais, of which 168.7 million meticais are debts with suppliers of goods and services, 154.6 million meticais with taxes and mandatory social security, 53.7 million meticais with workers and 25.10 million meticais with national banks.<\/p>\n

For this reason, the organisation urges the Liquidation Committee of Correios de Mo\u00e7ambique to carry out an \u201cefficient and complete survey of the accounting value of these assets\u201d, in order to avoid the depletion of the state\u2019s assets through under and\/or overvaluation.<\/p>\n

\u201cThis way, it will be possible to guarantee the fulfilment of the company\u2019s obligations to its stakeholders, as well as the possible reorientation of part of the value of its assets to support other public companies still in operation,\u201d the report stresses.<\/p>\n

Bim-Post Office partnership: Six more agencies to open this year<\/p>\n

Correios de Mo\u00e7ambique was dissolved on the 25th of May, during the 17th Ordinary Session of the Council of Ministers. Minister of Economy and Finance Adriano Maleiane told reporters at the time that the winding up of the company was due to the fact that it did not fit into the category of companies which are strategic and structuring in the state\u2019s business sector.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. The Public Integrity Centre (CIP), a non-governmental organisation that advocates transparency and integrity in the management of public affairs, warns of the risk of squandering the real estate assets of the extinct public company Correios de Mo\u00e7ambique, which has been in liquidation since June of this year. The alert comes in a […]<\/p>\n","protected":false},"author":84,"featured_media":7973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-7974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nLiquidation of Correios de Mo\u00e7ambique: CIP asks if each building costs 805,000 meticais - Mozambique<\/title>\n<meta name=\"description\" content=\"The Public Integrity Centre (CIP), a non-governmental organisation that advocates transparency and integrity in the mana ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/liquidation-of-correios-de-mocambique-cip-asks-if-each-building-costs-805000-meticais\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liquidation of Correios de Mo\u00e7ambique: CIP asks if each building costs 805,000 meticais\" \/>\n<meta property=\"og:description\" content=\"The Public Integrity Centre (CIP), a non-governmental organisation that advocates transparency and integrity in the mana ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/liquidation-of-correios-de-mocambique-cip-asks-if-each-building-costs-805000-meticais\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-27T17:24:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/10\/img-61797740c9e9d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"590\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/liquidation-of-correios-de-mocambique-cip-asks-if-each-building-costs-805000-meticais#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/liquidation-of-correios-de-mocambique-cip-asks-if-each-building-costs-805000-meticais\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Liquidation of Correios de Mo\u00e7ambique: CIP asks if each building costs 805,000 meticais\",\"datePublished\":\"2021-10-27T17:24:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/liquidation-of-correios-de-mocambique-cip-asks-if-each-building-costs-805000-meticais\"},\"wordCount\":664,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/liquidation-of-correios-de-mocambique-cip-asks-if-each-building-costs-805000-meticais#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/10\/img-61797740c9e9d.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/liquidation-of-correios-de-mocambique-cip-asks-if-each-building-costs-805000-meticais#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/liquidation-of-correios-de-mocambique-cip-asks-if-each-building-costs-805000-meticais\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/liquidation-of-correios-de-mocambique-cip-asks-if-each-building-costs-805000-meticais\",\"name\":\"Liquidation of Correios de Mo\u00e7ambique: CIP asks if each building costs 805,000 meticais - 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