Search Results for: Pierre Falcone

Chairman of Angola’s Bank BAI Accused of Misappropriation of State Assets 

Allegations of corruption have re-surfaced against the head of Angola’s largest private bank, the BAI (Banco Angolano de Investimentos),after a formal criminal complaint against Board Chair José Carlos de Castro Paiva was lodged with the Angolan Attorney-General on Monday.  Paiva is alleged to have diverted state assets worth millions of US dollars into private shell companies and bank accounts, to benefit himself and others linked to the discredited former President, José Eduardo dos Santos. The formal complaint, citing instances of Paiva’s alleged money laundering and illegal diversion of public funds, was submitted by investigative journalist Rafael Marques and sociologist Tânia de Carvalho, to demand the Office of the Attorney-General launch a comprehensive investigation. Previous allegations against Paiva have not been followed up in Angola.  Alleged to have been one of the key facilitators of the wholesale looting of public money by the former Angolan regime, Paiva joined the state oil […]

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Multimillion-dollar Retirement in the FAA

During the course of this year, several army generals of the Angolan Armed Forces (FAA) will be demobilized, as part of a retirement scheme set in motion by the Commander-in-Chief, the president José Eduardo dos Santos. According to a source from the FAA General Staff, “this year alone 14 generals should be demobilised, and next year a further 20 will be retired”. Among the officers notified for retirement, the most prominent are general Rafael Sapilinha Sambalanga, Inspector-General of the Ministry of Defense; general Eduardo Martins, advisor to the Minister of Defense; general Fernando Araújo, former head of Weapons Procurement Main Directorate; general Aires Africano, head of Health Services of the General Staff; general António Filomeno Carvalho Pereira, former head of Special Forces of Central Command of Operations. According to the source, who prefers to remain anonymous, the Commander-in-Chief has stated the “ageing” of the officers to be demobilised and the […]

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Isabel Spells Danger for Angolan Banks

When the United States warns of the risks of handing control of Angola’s banks to politically exposed people (i.e. President José Eduardo dos Santos, his family members, and the Generals who back him), this is not an idle warning. It’s because the USA know the President is planning to transfer control over the BFA (Banco de Fomento Angola) to his daughter, Isabel, and that once he does so, the Presidential group’s control over almost the entire Angolan banking system will be in place. How so? According to African Business Magazine’s list of Africa’s Top 100 Banks in 2015, the five largest banks in Angola were: Banco Económico (BE – Economic Bank), Banco Angolano de Investimentos (BAI – Angolan Investment Bank), Banco de Poupança e Crédito (The Savings and Credit Bank), Banco de Fomento de Angola (BFA – Development Bank of Angola) and Banco BIC (BIC – The International Credit Bank). […]

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Angola’s Scrapyard Arms Deals

Angola recently became the biggest African customer for arms purchases from Russia, with contracts valued at one billion dollars. Nevertheless, while weapons are being stock-piled, the Angolan Armed Forces experience a lack of basic resources at the majority of army bases.   According to the Russian newspaper Vedomosti http://www.vedomosti.ru/politics/news/17540901/oruzhie-dlya-starogo-druga, the contracts include the supply of 18 Sukhoi-30 fighter planes, as well as Mi-17 transport helicopters, light arms, munitions, tanks, pieces of artillery and the construction of an arms factory in Angola. “The Su-30 fighters will be form the backbone of the Angolan Air Force’s fighting power,” the newspaper said. But the aircraft mentioned in the contract were manufactured in the 1990’s, and delivered to the Indian Air Force while it was awaiting the manufacture of the more advanced Su-30MKI. The planes were returned to Russia in 2007, and since then they have been stored at a maintenance facility in Belarus. […]

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