Novidades do Indian Ocean Newsletter

MOZAMBIQUE
Moza Banco



The chairman of the boards of the firms Moçambique Capitais and Moza Banco, Prakash Ratilal, wrote to The Indian Ocean Newsletter on 1 April following an article we published about his bank (ION 1282). He pointed out that, contrary to what was stated in our article, Tomas Arone Monjane and Armando Guebuza do not own stakes in either of his companies, nor in Moza Capital. Prakash Ratilal stated, furthermore, that when the shareholders in Moçambique Capitais were registered, they had had to show their identity cards and prove that their company was officially registered. They had also had to declare that the source of their funds did not come from any illicit or money-laundering activity. Finally, Ratilal pointed out that Moza Banco had not built up losses of $10 million in 2008. In fact, that year, just six months after the company came into existence, it had made an operating loss of just $ 1 million.