Angola: Ex-president’s son planned to steal $1.5-billion

The son of Angola’s former president, Jose Eduardo dos Santos, planned to siphon off $1.5-billion when he ran the oil-rich country’s sovereign wealth fund, the finance ministry said.

Jose Filomeno dos Santos (nicknamed “Zenu”) is accused of “fraud, misappropriation of funds, money laundering and associating with criminals”.

The $1.5-billion figure is three times the sum he was initially accused of illegally transferring to a British bank.

The finance ministry said that Filomeno dos Santos disguised the transfer as a project aimed at attracting investment in Angola with the help of a fake guarantee from Credit Suisse.

The Swiss bank told AFP news agency that “documents had been forged” and that it had not received “any money relating to this case.”


The finance ministry said $500-million had been transferred to a London bank and that Angola was supposed to make two more such payments.

The first transfer was blocked by UK authorities who suspected foul play.

Filomeno dos Santos was appointed to head the $5-billion oil-fuelled sovereign fund by his father in 2013 but was sacked by President Joao Lourenco, who took power in September last year.

Former central bank governor Valter Filipe da Silva, who has been charged alongside Filomeno dos Santos, has promised to “cooperate” with the authorities.

Filomeno’s half-sister, Isabel dos Santos, was also sacked from her job as head of state oil giant Sonangol. Thought to be Africa’s richest woman, she has denied all allegations against her.

Jose Eduardo dos Santos ruled Angola for 38 years with an iron grip. During his regime, he was accused of running the country’s economy to enrich himself and those around him. — Al Jazeera

Subscribe to the M&G

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

Agency
External source

Related stories

In Softie, politics takes a personal toll on Boniface Mwangi – and his family

Softie is an intimate portrait of how political activism complicates family life

State of democracy in Africa: Changing leaders doesn’t change politics

The Bertelsmann Transformation Index Africa Report 2020, A Changing of the Guards or A Change of Systems?, suggests that we should be cautious about the prospects for rapid political improvements

Make corruption reporting meaningful

Critiques of corruption must explicitly disrupt corporate globalism, imperialism, racism, authoritarianism, militarism, elitism and sexism

Editorial: The Western enablers of global corruption

The Luanda Leaks, publicised late on Sunday evening, have vividly outlined the scale of the business empire of Isabel dos Santos, daughter...

Laundering Isabel dos Santos

"African corruption" is only African as regards its victims. Its perpetrators are institutions and individuals from across the globe who are willing to loot without conscience as they watch their offshore accounts grow.

Isabel dos Santos did not loot Angola alone

Once again, Western auditing and consulting firms shamelessly facilitated corruption on an international scale
Advertising

Subscribers only

The shame of 40 000 missing education certificates

Graduates are being left in the lurch by a higher education department that is simply unable to deliver the crucial certificates proving their qualifications - in some cases dating back to 1992

The living nightmare of environmental activists who protest mine expansion

Last week Fikile Ntshangase was gunned down as activists fight mining company Tendele’s expansions. Community members tell the M&G about the ‘kill lists’ and the dread they live with every day

More top stories

Fifteen witnesses for vice-chancellor probe

Sefako Makgatho University vice-chancellor Professor Peter Mbati had interdicted parliament last month from continuing with the inquiry

Constitutional Court ruling on restructuring dispute is good for employers

A judgment from the apex court empowers employers to change their workers’ contracts — without consultation

Audi Q8: Perfectly cool

The Audi Q8 is designed to be the king in the elite SUV class. But is it a victim of its own success?

KZN officials cash in on ‘danger pay for Covid-19’

Leadership failures at Umdoni local municipality in KwaZulu-Natal have caused a ‘very unhappy’ ANC PEC to fire the mayor and chief whip
Advertising

press releases

Loading latest Press Releases…

The best local and international journalism

handpicked and in your inbox every weekday