Luanda – Angola’s president João Lourenço decreed the public ownership, via nationalisation, of the shares in Mining Society of Catoca Lda, held by LL International Holding BV.
The measure takes into account the fact that LL International Holding BV is currently a company subject to strong restrictive measures at home and abroad, which led to the seizure of its shareholding by the National Asset Recovery Service and the establishment of sanctions by the US Office of Foreign Assets Control.
This fact was made public this Wednesday on the official Facebook page of the President of the Republic, João Lourenço.
It also states that "it is the understanding of the President of the Republic, in his decree, that the maintenance of LL International Holding BV in the corporate structure, with the current judicial and reputational problems, calls into question the strategy of Mining Society of Catoca Lda, since it makes it impossible to access vital operations for the development of current and future mining projects.
The quotas appropriated through the diploma signed herein are considered to be transferred to the State, regardless of any formalities, free of any encumbrances or charges, being enforceable against third parties after registration.
