CR Aviation to return $1.7 million to INSS
Instituto Nacional de Segurança Social de Moçambique (INSS) is looking to recover MZN84 million meticais (USD1.7 million) worth of investments in CR Aviation after it was ruled illegal.
The INSS planned to acquire a 15% stake in the carrier; however following an investigation, the Mozambican Ministry of Labour, Employment and Social Security ordered the INSS to cancel the investment.
The investment violated several legal requirements, including investing in a non-publically-listed company.
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