Only in Angola: Fraudster’s Bank Gets Bail-Out

The notorious Angolan-Swiss fraudster, Jean-Claude Bastos de Morais,  was remanded in custody in Angola last September to await trial on charges of embezzling billions of dollars from the country’s Sovereign Wealth Fund.    So why are the Angolan authorities allowing him to continue as the majority owner and head of the Banco Kwanza Investimentos, S.A.?  And what on earth persuaded the Governor of Angola’s central bank to bail out Bastos de Morais’s failing ‘investment’ bank?    FLOUTING THE RULES Jean-Claude Bastos de Morais (JCBM) registered the BKI (initially under the name of Banco Kwanza Invest, S.A.) with himself as the majority owner with 85% of the stock and the remaining 15% registered in the name of Sérgio Ferreira Mata da Costa.  This was a ruse to hide the real owner, the former BKI Chairman of the Board and Swiss national, Marcel Kruse, presumably to comply with a requirement for an Angolan […]

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The Hunter, Hunted: An Angolan General’s Hunting Lodge

Angolans call the remote southeastern province of Kuando Kubango “the end of the world” (in Portuguese: “o fim do mundo”).  Bordering Zambia, Botswana and Namibia, it’s more than a thousand kilometres inland from their country’s capital and a byword for the poverty and destruction wrought by more than 30 years of civil war. As its ruined roads, bridges and infrastructure remind us to this day, Kuando Kubango was a heavily-mined battleground; the heartland of the US-backed rebel UNITA movement, headquartered in Jamba.   With the end of the civil war in 2002, the national government did set aside funds for rebuilding.  The so-called ‘Peace Dividend’ has allowed individuals to amass huge fortunes from Angola’s reconstruction but all these years later Kuando Kubango remains largely unreconstructed, in part because of the diversion of public funds into the pockets of corrupt officials during the Administration of former President José Eduardo dos Santos. […]

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