Farm of the Mitreli-Aldeia Nova group in a very critical financial situation.

The government farm managed by the Mitreli-Aldeia Nova group, is in a "very critical" financial situation, with a path of "negative results" for four consecutive years, which may culminate in the declaration of the company "bankruptcy" if no providential measures are taken.

MD

The realization of the capital made by the management company did not balance the balance sheet. The accounts for the 2022 financial year reveal a debt to the tax authorities of more than three billion kwanzas, and had a negative net result of 1,868 million, taking into account the Group's service costs in the years prior to 2017, "a large part of these did not obtain documents and were not carried out, which overvalued the organization's equity.

The realization of the capital made by the management company did not balance the balance sheet. The accounts for the 2022 financial year reveal a debt to the tax authorities of more than three billion kwanzas, and had a negative net result of 1,868 million, taking into account the Group's service costs in the years prior to 2017, "a large part of these did not obtain documents and were not carried out, which overvalued the organization's equity.

According to the Chairman of the Board of Directors of the company, Eduardo Barros, he highlights that the "recovery of the Group's productive activities in the post-pandemic period were deeply affected, especially in the last two years, aiming at its profitability".

The negotiation of third-party and customer debt payments is another aspect highlighted by management. The manager of Aldeia Nova intended to clear the liabilities with AGT with a debt reconciliation agreement, which was not recognized by the Debt Management Unit, which caused AGT to proceed with the seizure of the company's bank accounts, on March 9, 2023.

The agreement between the Ministries of Agriculture and Finance where claims for services rendered and not paid are signed, under a partnership with the Ministry of Agriculture, signed in 2013, is based on a debt of 7 million USD about 5.8 billion Kz, at the average exchange rate of the BNA on September 12 of this year.

Contas penhoradas por dívida À AGT

The General Tax Administration (AGT) blocked all of the Group's bank accounts on March 9, 2023, due to a tax debt for the financial years 2014 and 2017, in the amount of Kz 500 million, which rose to Kz two billion, with fines, compensation interest and default interest.

The establishment based in Waku-kungo, Kwanza Sul province, is owned by the state through three entities, Gesterra owns 21 percent, the Institute of Asset Management and State Holdings (IGAPE) with 23 percent and the Institute of Agrarian Development (IDA) with 15 percent. However, the rest are held by the Mitreli Group's Vital Capital Fund, through Diembo, which owns 41 percent since 2012 and manages Aldeia Nova, a company created to Develop Investment and Promote Agro-Industrial Development.

Farm of the Mitreli-Aldeia Nova group in a very critical financial situation

The government farm managed by the Mitreli-Aldeia Nova group, is in a "very critical" financial situation, with a path of "negative results" for four consecutive years, which may culminate in the declaration of the company "bankruptcy" if no providential measures are taken.

Oct 5, 2023 - 13:23
Farm of the Mitreli-Aldeia Nova group in a very critical financial situation
© Photography by: DR
Farm of the Mitreli-Aldeia Nova group in a very critical financial situation

MD

The realization of the capital made by the management company did not balance the balance sheet. The accounts for the 2022 financial year reveal a debt to the tax authorities of more than three billion kwanzas, and had a negative net result of 1,868 million, taking into account the Group's service costs in the years prior to 2017, "a large part of these did not obtain documents and were not carried out, which overvalued the organization's equity.

The realization of the capital made by the management company did not balance the balance sheet. The accounts for the 2022 financial year reveal a debt to the tax authorities of more than three billion kwanzas, and had a negative net result of 1,868 million, taking into account the Group's service costs in the years prior to 2017, "a large part of these did not obtain documents and were not carried out, which overvalued the organization's equity.

According to the Chairman of the Board of Directors of the company, Eduardo Barros, he highlights that the "recovery of the Group's productive activities in the post-pandemic period were deeply affected, especially in the last two years, aiming at its profitability".

The negotiation of third-party and customer debt payments is another aspect highlighted by management. The manager of Aldeia Nova intended to clear the liabilities with AGT with a debt reconciliation agreement, which was not recognized by the Debt Management Unit, which caused AGT to proceed with the seizure of the company's bank accounts, on March 9, 2023.

The agreement between the Ministries of Agriculture and Finance where claims for services rendered and not paid are signed, under a partnership with the Ministry of Agriculture, signed in 2013, is based on a debt of 7 million USD about 5.8 billion Kz, at the average exchange rate of the BNA on September 12 of this year.

Contas penhoradas por dívida À AGT

The General Tax Administration (AGT) blocked all of the Group's bank accounts on March 9, 2023, due to a tax debt for the financial years 2014 and 2017, in the amount of Kz 500 million, which rose to Kz two billion, with fines, compensation interest and default interest.

The establishment based in Waku-kungo, Kwanza Sul province, is owned by the state through three entities, Gesterra owns 21 percent, the Institute of Asset Management and State Holdings (IGAPE) with 23 percent and the Institute of Agrarian Development (IDA) with 15 percent. However, the rest are held by the Mitreli Group's Vital Capital Fund, through Diembo, which owns 41 percent since 2012 and manages Aldeia Nova, a company created to Develop Investment and Promote Agro-Industrial Development.