A reestruturação do sector empresarial do estado: caso paradigmático da alienação das acções do estado nas Linhas Aéreas de Moçambique

Abstract

Article 99 of the Constitution of the Republic of Mozambique (CRM) highlights that the national economy guarantees the coexistence of three sectors regarding the ownership of the means of production. One of these is the public sector, comprising assets owned or administered by the State—collectively known as the State business sector. According to Article 2, Paragraph 2 of Law No. 3/2018 of June 19, this sector consists of State productive and commercial units organized and managed along business lines. State intervention in the economy dates back to the era of the liberal state, when such intervention was intended to be minimal so as not to distort market forces. With the transition from the liberal state to the social state, the State's economic activity became more significant. Following World War II (1939–1945), a wave of nationalizations—particularly in directly involved countries—dramatically increased State intervention in the economy by curtailing private sector activity. In Mozambique, following the proclamation of independence and the approval of the new Constitution, Article 10 established that the State sector was to be the dominant force in the national economy. Currently, State intervention in the economy is grounded in the very nature of the Mozambican State, which is defined by a commitment to social justice. One of the most important companies in the Mozambican economic landscape belonging to the State business sector is Linhas Aéreas de Moçambique (LAM) S.A., established on May 14, 1980. LAM’s primary mission is the air transport of passengers, cargo, and mail—covering domestic, regional, and intercontinental routes—under conditions of complete safety. In recent years, LAM has faced enormous financial challenges linked to serious corruption, corporate mismanagement, and massive debts, as well as technical issues stemming from a reduced fleet and constant flight delays caused by systemic aircraft failures. To revitalize LAM, the government decided on February 12, 2025, to restructure the company by selling 91% of the State's shares to state-owned enterprises for USD 130 million. These funds will be used to purchase aircraft and restructure the company.