Search Results for: UNITEL

All the President’s Friends: Who Audits Angola’s Chief Auditor?

Yet more evidence has reached Maka Angola that the Angolan President’s vow to end corruption has continued to falter. Maka has already revealed at length how Exalgina Gambôa, the head of the Court of Accounts of Angola’s national audit office, had embezzled four million dollars from the court’s organizational budget to purchase luxury furnishings for her home. New information has come to light showing that the court cannot afford to send its accountants around the country to audit government spending in the provinces because their travel budget was spent on luxury flights for the three Gambôa offspring. President João Lourenço’s promise to tackle Angola’s kleptocratic culture of corruption has stuttered for a while. His campaign has so far failed not just on account of his narrow focus on the fortunes of his predecessor’s children but due to his inability to call out officials close to the current leadership for their […]

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Legal Jeopardy for the Angolan ‘Princess’

The woman who once styled herself as Africa’s first female billionaire, controlling a complex empire of companies registered around the world, is discovering that all those overseas registrations make her vulnerable to legal action in multiple jurisdictions. As reported extensively by Maka Angola over many years, evidence shows the Dos Santos family and associates customarily registered companies overseas (often in tax havens known for lax supervision) using them as vehicles for the sole purpose of transferring large sums of money between multiple companies owned or controlled by the Dos Santos cohort. International experts say such transactions between shell companies are typical of large-scale embezzlement and money-laundering. One particular financial manoeuvre involving nearly US $500 million transferred through a Dutch-registered subsidiary has now placed Isabel dos Santos in the position of having to defend herself against a lawsuit in the Netherlands in a case that has also been the subject of […]

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The Empress Has no Clothes

Isabel dos Santos is the woman who once boasted to Forbes magazine that she was Africa’s first female billionaire. Although Angolans knew she owed her fortune to nepotism and wholesale theft from the public purse, Isabel wove an image of herself as an astute global entrepreneur. But her reputation began to unravel along with her business empire after her father José Eduardo dos Santos stepped down as President of Angola last year. As President, Dos Santos had funnelled millions of dollars from the state oil company Sonangol to ‘loans’ to bankroll her businesses. Then, before leaving office, he installed Isabel as the head of Sonangol. The effect was catastrophic. The new President marshalled the evidence and ensured his own position was sufficiently secure before acting. First, Isabel was sacked as the head of Sonangol. Then she was removed, step by step, from each of the lucrative contracts or positions awarded […]

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Isabel dos Santos: The Fall of Africa’s Richest Woman

Just think for a minute. In a two-year span, a father gave his daughter, among several contracts, four that were worth over US $22 billion. The father is then President José Eduardo dos Santos, and the daughter is Isabel, Africa’s richest woman. These were the golden days of the presidential family’s capture of Angola. Period. In the past month, with a stroke of a pen, General João Lourenço has annulled the four egregious contracts. The former “princess” is crying foul, and is threatening to sue the Angolan state however, the state is calling out her bluff. Her fortune is about to tumble like a house of cards, just as her father’s power fell flat once he left office after 38 years. Through her father’s presidential decrees, Isabel built her fortune. Now, ironically, the man her father personally chose to replace him is first and foremost taking away the family’s fortunes […]

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Nobody Wants to Kiss the General

Reports of bizarre behavior by the Angolan President’s loyal henchman, General José António Maria, aged 74, have become so frequent that people are openly questioning whether the elderly security head honcho is succumbing to senility. Already past the official retirement age, the man better known as General “Zé Maria” remains the head of the Military Intelligence and Security Service (Serviço de Inteligência e Segurança Militar, SISM) despite the concerns for his mental health. Once again his unprofessional behavior towards female employees is causing a stir in Luanda. The General is a notorious womanizer, who propositions almost every woman he encounters. When it comes to sexual harassment in the workplace, he appears to ignore both Angolan laws and the passage of time. Have none of his senior colleagues thought to whisper in his ear that this is the 21st Century and ‘droit de seigneur’ is past its sell-by date? The latest […]

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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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Sonangol’s Debt Woes

Angola’s state oil giant, Sonangol, is running out of time to prove it has a credible plan to repay US $13 billion in loans it obtained from a syndicate of European banks. The loans’ agreements came with a contractual obligation to produce annual balance sheets showing a healthy ratio of debt to capital and it appears Sonangol has been unable to honour this. Last month the London-based Standard Chartered Bank set a 45 day deadline for Sonangol to explain its failure to comply with the debt ratio obligation stipulated as part of the loan agreement, and to provide documentary evidence that is has the capacity to honour the terms of the loan. Sources close to the Board of Directors of Sonangol have indicated to Maka Angola that the company may not be in a position to make the repayments on time. It is alleged that Sonangol’s long-term auditor EY raised objections to some […]

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The Cash-Strapped Kleptocracy Seeks an IMF Bailout

Angolan Finance Ministry officials seem to have learned nothing from the past.  With low oil prices dragging the economy into crisis, the Ministry has had to turn to the International Monetary Fund (IMF) for a bailout.  But Angolan officials are so desperate to conceal the extent of their troubles, that their official statement pretends this is a ‘normal’ IMF intervention, not at all like the rescue that Portugal needed just a few years ago. In fact, it’s exactly the same type of financial aid programme that Portugal got in 2011, just as the IMF reported at the time. Portugal was given a three-year aid plan.  Angola too is now negotiating a three-year aid plan. According to Min Zhu, the IMF Deputy Managing Director: “We have received a formal request from the Angolan authorities to initiate discussions on an economic program that could be supported by financial assistance from the IMF.”  […]

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The Fate of Portugal’s BPI Bank Lies with Africa’s Richest Woman

One of Portugal’s largest and most venerable banks, the BPI Bank could be brought to its knees, not through bankruptcy or similar problems, but because its operations in Angola would be hamstrung if they lose their link to the Banco de Fomento de Angola (BFA). In the first six months of 2015, BFA operations made up 70% of BPI profits.  That shows the extent of the BPI’s dependency on this single financial institution in its Angolan operation.  And BPI’s partner in the BFA is none other than Unitel. Step forward Isabel dos Santos, billionaire daughter of Angola’s President Jose Eduardo dos Santos.  In other circumstances, it might be quite deliciously ironic to see a post-colonial African entrepreneur  – and a female to boot – take down a bank connected to the old boys’ club of Portugal’s well-heeled aristocracy (Santos Silva and Ulrich). In reality, it is much more complicated. Isabel dos Santos’s […]

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Welcome to Angola, Nicki Minaj

Dear Nicki, I welcome you to Angola. I am a journalist and human rights defender who has been at the forefront of exposing the dictatorial ills of the regime, whose first daughter and princess of state-looting, Isabel dos Santos, is your host. Moments ago I received a message on my cell phone, from an UNITEL operator  offering me a ticket to your concert tomorrow with the purchase of a 900 kwanzas (US $4.50) phone credit. That is for your concert “for the people” in the Coqueiros Stadium, with a capacity of 20,000 people.  UNITEL is the company jointly owned by Isabel dos Santos and the Angolan state, which is paying your fees. In spite of all the advertising campaigns undertaken by UNITEL to promote your concert “for the people”, sales have been in a slump. At 900 kwanzas per ticket, the concert is basically free, yet people are still not […]

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