Oil and Cement Dont Mix With Corruption in Angola
Angolan business practices are under the microscope again after a US$800 million government-backed cement factory suspended production, and its recently dismissed CEO announced a sell-off of shares whose ownership is in question. An investigation by Maka Angola suggests the confusion surrounding the state of affairs at the Kwanza Sul Cement Factory (Fábrica de Cimento Kwanza Sul) can be traced directly to Angola’s ‘unique’ business practices under the current MPLA government, led for the past 36 years by President José Eduardo dos Santos. The Angolan colonel who founded the company has been sacked, the operating costs have become uneconomic and the Danish company LNS in charge of running the plant says it’s owed US$20 million in unpaid fees. Legal experts have told Maka Angola that the uncertain future of the Kwanza Sul Cement Factory (FCKS) is directly related to its tangled history. Ownership and finances as clear as mud The origins […]
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