Search Results for: GEFI

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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Mosquito: Isabel dos Santos’ Proxy

África Monitor reported in its March 4 edition on two investments made recently in Portugal by the Angolan businessman António Mosquito: investments that were shown to be initiatives of Isabel dos Santos.   According to the publication, Isabel dos Santos chose “not to reveal her self” as the buyer of the purchase of 66.7 percent of the construction company Soares da Costa and of 27.5 percent of Controlinveste, a media conglomerate that owns the daily paper Diário de Notícias and the radio station TSF.   António Mosquito became chairman of Soares da Costa, and through his Grupo António Mosquito (GAM) invested €70 million (US$ 96.1 million) in the business.   Regarding the Controlinveste deal there is no information available about the size of the Angolan investment, which was made alongside an investment by Luís Montez, the son-in-law of the Portuguese President Aníbal Cavaco Silva.   The report by journalist Xavier […]

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MPLA, Corporation

During the ruling MPLA’s Central Committee meeting in Luanda, in November 2009, President José Eduardo dos Santos defined his challenges facing his party in terms of three fundamental questions: keeping watch on government, the irresponsibility of government leaders, and fighting corruption with a policy of zero tolerance. In this investigation I deal with the transfer of state assets to the MPLA’s private businesses through a company called GEFI (Sociedade de Gestão e Participações Financeiras / Management and Business Participation Company), and the consequences of its involvement in such money-making activities. In order to make clear the gap between the leadership’s words and its deeds, I will analyse those three main questions that Dos Santos, both President of the Republic and leader of the MPLA, put forward during his speech when he opened the party Central Committee meeting on 29 November 2009. Download the full text here.

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