Ocnus.Net
News Before It's News
About us | Ocnus? |

Front Page 
 
 Africa
 
 Analyses
 
 Business
 
 Dark Side
 
 Defence & Arms
 
 Dysfunctions
 
 Editorial
 
 International
 
 Labour
 
 Light Side
 
 Research
Search

Africa Last Updated: Mar 31, 2018 - 9:13:59 AM


Angola: Ex-President’s Son Accused of US$500m Theft
By OCCRP, 27 March 2018
Mar 30, 2018 - 11:42:54 AM

Email this article
 Printer friendly page

The son of Angola’s ex-president has been accused of attempting to defraud US $500 million from the oil-rich nation’s sovereign wealth fund.

Angola National Assembly Building 19898889148Angola National Assembly Building, Luanda (Photo: Wikipedia)Jose Filomeno dos Santos was removed from this position in January after he was named in the Paradise Papers for making personal investments with the nation’s wealth. Now, he has been formally accused of corruption by the Attorney General’s office.

The sum was transferred from Angola’s central bank to a bank in the United Kingdom while he managed the fund during part of his father's rule. Deputy Attorney General Luis Benza Zanga told the BBC on Monday that dos Santos has been forbidden from leaving the country.

The UK’s National Crime Agency froze the money due to suspicions of fraud arising from the extremely large transaction and has said it can be returned to the south African country. “The NCA’s investigation is ongoing and we welcome the co-operation with the Angolan authorities to date,” a spokesperson for the agency told the Financial Times.

Maka Angola, a site run by an Angolan investigative journalist, previously reported that the alleged transfer, part of a scheme involving bogus foreign investments and loans to the Angolan government, took place last year.

Jose Eduardo dos Santos ruled the country for 38 years and was succeeded by President Joao Lourenco who promised to crack down on corruption. Angolan officials stressed that dos Santos would face the full force of the law, suggesting that his political connections would be of little use.

“A pardon will not work...This case will run to its final outcome,” Reuters quoted Luis Benza Zanga, the Vice Prosecutor General and head of the National Directorate for Criminal Investigations.

The Paradise Papers’ disclosures revealed last year that Jean-Claude Bastos, an entrepreneur, was paid more than $41m in just 20 months from the country’s sovereign wealth fund while dos Santos was in charge.


Source:Ocnus.net 2018

Top of Page

Africa
Latest Headlines
Mali faces a turning point as the country prepares for legislative poll
Nigeria: Terrorists Terrorizing Terrorists
La Grande stratégie et la montée en puissance du pouvoir d’influence de la Chine en Afrique
Xi Jinping pledged $60 billion for Africa. Where will the money go?
The EU’s bank in Africa steps up the action
People across Africa have to travel far to get to a hospital. We worked out how far
How Halliburton Bribed Top 80 Nigerians Report shows IBB, Abacha, Shonekan, Abubakar and scores of eminent Nigerians took Halliburton bribes
How Kabila and the mining giants went from best friends to adversaries
Sudanese President Bashir dissolves government, appoints new PM
This is Why Jose Eduardo dos Santos, Africa’s Last ‘Eternal’ President Bowed Out