Regulatory Alerts2016-11-08
Notice No. 3/GBM/2016, of 14 November - Adoption of the Extraordinary Sanitation Measure for Moza Banco and Appointment of an Interim Board of Directors
The Bank of Mozambique issued Notice No. 3/GBM/2016 on 14 November 2016 to address the severe financial deterioration of Moza Banco, SA by suspending its current Board of Directors and Executive Committee members and appointing an interim Board comprising João Filipe Figueiredo Júnior, Samuel Banze, and Sérgio Eduardo Ribeiro. This extraordinary sanitation measure, grounded in the Credit Institutions and Financial Companies Law, grants the interim board six-month renewable tenure with full statutory powers to protect depositors, investors, and creditors while ensuring stable monetary, financial, and foreign exchange market operations. Concurrently, the Ministry of State Administration and Public Service and the Ministry of Economy and Finance enacted Ministerial Decree No. 80/2016 to approve the Organic Statute of the Provincial Directorate for Maritime, Inland Waters and Fisheries Affairs, establishing its internal regulations, staffing framework, and governance structure within specified approval timelines.