Sodiam ends contract with Odyssey Holding

Sodiam announced in Luanda the end of the contract for the purchase of rough diamonds with Odyssey Holding, a company from the United Arab Emirates.

 

In a release to Angop reads that Sodiam has notified the legal representative of Odyssey Holding, based in Al Masraf Tower, Dubai, of the end of the contract. In the document, Sodiam justifies the need for the termination of the contract by "borrowing bank loans to finance operations abroad that, until now, only led to the declaration of losses, nullifying the expectation of earnings created by the company."

 

However, at the present time, it has not financial means to honor the present and future commitments assumed with the banking system, taking into account the lower volume of business and debt obligations to overcome."

Sodiam also states that it has now learned that a transfer of revenues from the transaction from Sodiam to Odyssey Holding has been affected through the purchase and sale agreement.

 

The National Diamond Trading Company of Angola, EP (Sodiam), is henceforth renamed Sodiam.

 

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