Headquarters building of General Kundi Paihama's bankrupt bank to be sold for about 10 million USD.

This was the solution found by the management of the bankruptcy estate of the Angolan Bank of Business and Commerce (BANC), owned by the late general and MPLA politician, Kundi Paihama. According to what Kieto Economia has learned, the money from the sale will be used to pay the debts that the institution contracted with counterparts in the national market and other service providers, especially the security and IT component.

Dário do Leste

The building that housed the former headquarters of the Angolan Bank of Business and Commerce (BANC) already has a buyer and will be 'dispatched' at a price of US$10 million, an amount equal to what had been stipulated in the initial valuation of the property, Kieto Economia learned from a source close to the process. 

Owned at the time by more than 80% of the general and MPLA politician, Kundi Paihama, the BANC was declared bankrupt after a series of interventions by the National Bank of Angola (BNA). In other words, the central bank even appointed provisional administrators for that institution which, after years on end, was managed, according to the decision of the Luanda Court, which judged the process, in a harmful and ruinous way. 

Subsequently, the bank's former managers, namely José Aires Vaz, the chairman of the board of directors, and directors Waldemar Augusto and Jerónimo Francisco, were held responsible for paying for the bank's bankruptcy with their own means, according to the Luanda Court ruling.

But as the debts are large, the team appointed by the Court to manage the debt recovery process thus decided to dispatch the assets of that bank, including the headquarters building that housed all the directorates of that bank and a heliport where the helicopter of that well-known politician of the time landed.  

The process of selling the building began with an advertisement in the Angolan newspaper, in which buyers were sought. "As for the building, where the bankrupt's headquarters operated, with the beginning of the patrimonial liquidation process, about a year ago, announcements were made of the sale of the assets that remained to the bankrupt. To which the Bankruptcy Administration was receiving proposals. At this point, after exhausting the necessary negotiations, there is a private company, whose proposal was accepted, pending the conclusion of the negotiation process, with the payment of the price set for the former BANC headquarters building", detailed our source.

Thus, more or less days, the iconic bank that yesterday belonged to Kundi Paihama will be, as soon as the sale is completed, under the control of a private business group whose name we are investigating. 

According to our source, there are still many debts to be resolved. In fact, several of the workers and even former directors of that bank had credit that, until now, they have not been willing to liquidate. 

The decision comes after the management of the bankruptcy estate, made up of professionals from the Provincial Court of Luanda, issued several public announcements calling for this group of debtors, including former employees of the bank. The last announcement of a request to appear was made in May last year, but, according to a source, a lower number responded to the appeal. This is after they have already been called up in previous periods. 

In all, more than 100 former workers, more than 30 private clients and 25 companies are counted.

Headquarters building of General Kundi Paihama's bankrupt bank to be sold for about 10 million USD

This was the solution found by the management of the bankruptcy estate of the Angolan Bank of Business and Commerce (BANC), owned by the late general and MPLA politician, Kundi Paihama. According to what Kieto Economia has learned, the money from the sale will be used to pay the debts that the institution contracted with counterparts in the national market and other service providers, especially the security and IT component.

Oct 13, 2023 - 15:10
Latest update   - 08:57
Headquarters building of General Kundi Paihama's bankrupt bank to be sold for about 10 million USD
© Photography by: DR
Headquarters building of General Kundi Paihama's bankrupt bank to be sold for about 10 million USD

Dário do Leste

The building that housed the former headquarters of the Angolan Bank of Business and Commerce (BANC) already has a buyer and will be 'dispatched' at a price of US$10 million, an amount equal to what had been stipulated in the initial valuation of the property, Kieto Economia learned from a source close to the process. 

Owned at the time by more than 80% of the general and MPLA politician, Kundi Paihama, the BANC was declared bankrupt after a series of interventions by the National Bank of Angola (BNA). In other words, the central bank even appointed provisional administrators for that institution which, after years on end, was managed, according to the decision of the Luanda Court, which judged the process, in a harmful and ruinous way. 

Subsequently, the bank's former managers, namely José Aires Vaz, the chairman of the board of directors, and directors Waldemar Augusto and Jerónimo Francisco, were held responsible for paying for the bank's bankruptcy with their own means, according to the Luanda Court ruling.

But as the debts are large, the team appointed by the Court to manage the debt recovery process thus decided to dispatch the assets of that bank, including the headquarters building that housed all the directorates of that bank and a heliport where the helicopter of that well-known politician of the time landed.  

The process of selling the building began with an advertisement in the Angolan newspaper, in which buyers were sought. "As for the building, where the bankrupt's headquarters operated, with the beginning of the patrimonial liquidation process, about a year ago, announcements were made of the sale of the assets that remained to the bankrupt. To which the Bankruptcy Administration was receiving proposals. At this point, after exhausting the necessary negotiations, there is a private company, whose proposal was accepted, pending the conclusion of the negotiation process, with the payment of the price set for the former BANC headquarters building", detailed our source.

Thus, more or less days, the iconic bank that yesterday belonged to Kundi Paihama will be, as soon as the sale is completed, under the control of a private business group whose name we are investigating. 

According to our source, there are still many debts to be resolved. In fact, several of the workers and even former directors of that bank had credit that, until now, they have not been willing to liquidate. 

The decision comes after the management of the bankruptcy estate, made up of professionals from the Provincial Court of Luanda, issued several public announcements calling for this group of debtors, including former employees of the bank. The last announcement of a request to appear was made in May last year, but, according to a source, a lower number responded to the appeal. This is after they have already been called up in previous periods. 

In all, more than 100 former workers, more than 30 private clients and 25 companies are counted.