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Mozambique's social security services (Instituto Nacional de Segurança Social de Moçambique - INSS) says it will seek to recover MZN84 million meticais (USD1.7 million) worth of investments made in local carrier CR Aviation (Maputo) last year after a government inquiry ruled it illegal.

As part of its mandate to invest in local small and medium enterprises, the INSS had planned to acquire a 15% stake in the carrier for USD7 million which had in turn planned to use the funds to acquire four new aircraft as well as cover MRO and inspection-related expenses. However, following an investigation last year, the Mozambican Ministry of Labour, Employment and Social Security ordered the INSS to cancel the investment and recover its funds.

According to the official AIM news agency, minister Vitoria Diogo found the agreement violated several legal requirements in particular that the INSS could only invest in a publically-listed company (which CR Aviation is not).

For its part, CR Aviation operates charter as well as scheduled passenger flights throughout Mozambique using light aircraft leased from South...