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Sojogo Received Support of Around $1M from Santa Casa de Lisboa

Sojogo Received Support of Around $1M from Santa Casa de Lisboa

The Santa Casa da Misericórdia de Lisboa (SCML) has taken on a financial guarantee of 65.8 million meticals (approximately one million dollars) to support Mozambican gaming operator Sojogo, in an attempt to stabilise its financial situation. The information was revealed this Tuesday (14) by the former vice-provider of SCML, Fernando Sousa Afonso, during a hearing in the parliamentary commission of enquiry into the strategic and financial management of the Portuguese institution, according to Lusa.

According to Sousa Afonso, Santa Casa de Lisboa never made a profit from its stake in Sojogo, but it remained involved in the operation and even intervened financially to prevent the Mozambican operator from collapsing. The support was given in the form of a bank guarantee, allowing Sojogo to obtain a loan from a Mozambican bank to rebalance its accounts.

Santa Casa’s connection to the gaming sector in Mozambique dates back to 2011, when it became chairman of the board of directors of Sojogo, the company that holds the exclusive concession for social gaming in the country. According to Sousa Afonso, SCML decided to strengthen its presence in Mozambique to provide closer support to the operator, which was facing financial and operational problems.

During the hearing, the former vice-provider explained that the existence of a gaming department in Mozambique predates the country’s independence, but that in recent years SCML sought to closely manage Sojogo due to the difficulties it was facing.

‘The institution decided to maintain a closer presence at Sojogo to keep up with the financial and operational challenges. At a certain point, it was necessary to take on a bank guarantee to enable a loan to help stabilise the operator,’ he said.

Despite the financial involvement, Sousa Afonso guaranteed that all decisions were taken with the knowledge of SCML’s Board and were analysed and approved at the general meeting. However, he recognised that, to date, Santa Casa has not obtained a significant return on its participation in Sojogo, which raises doubts about the viability of the operation.

The revelation of financial support for Sojogo comes against a backdrop of scrutiny over SCML’s management, particularly with regard to its international expansion and the impact of its partnerships outside Portugal. The Portuguese Parliament continues to investigate the organisation’s financial decisions, including its role in the gaming sector in Mozambique.

Meanwhile, in Mozambique, Sojogo is maintaining its operations, but is facing sustainability challenges that may require further strategic adjustments in the future. Uncertainty over SCML’s continued support and the need to balance the operator’s accounts remain central issues for the sector.

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The process remains under review, with possible developments expected in the coming weeks.

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