Search Results for: Coréon Dú

Sums Don’t Add up for Angolan Central Bank

Angola’s central bank, the Banco Nacional de Angola (BNA) has failed to produce its accounts for the second year running, with the current BNA Governor, José de Lima Massano, forced to issue a written explanation to the Angolan President. In so doing, Massano has brought to light a convoluted financial arrangement, sanctioned by one of his predecessors, in which the BNA unlawfully acted as guarantor for a US $200 million foreign loan for a private bank, the Banco de Negócios Internacional (BNI). Angola’s Banking Laws authorize the BNA to intervene to help a private bank only as a lender of last resort to inject liquidity during a temporary crisis, and only on condition that the private bank has sufficient collateral in non-liquid assets. The BNI case did not meet the criteria on any count. It is further alleged that the loan was obtained under false pretences, and that the BNI […]

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From the President to his Family: The Drainage Ditch

By Alfredo Muvuma Years ago, a high-ranking MPLA politburo member praised the business acumen of President José Eduardo’s children. More recently, the state-owned and only daily newspaper Jornal de Angola awarded Isabel dos Santos the title of entrepreneur of the year for 2012. In both cases, the objective was to sell the notion that there is a genuine business talent, within the Dos Santos’s family, to accumulate vast wealth. Forbes places Isabel dos Santos as the first Africa’s woman billionaire, which it estimates as the value of her legitimate shares in UNITEL, BIC Bank and in Portugal. Meanwhile, the State Budget Bill for 2013, passed days ago by the National Assembly, uncovers the farce: there is no mystery behind the enrichment of the Dos Santos clan and its entourage. Article 11 of the bill explains, in part, how the Angolan president and his cronies accumulate fortunes without sweating, much less […]

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Dos Santos: Nepotism and corruption in CNN Broadcast Deal

President José Eduardo dos Santos’s regime has made great efforts to present Angola to the world as a place of modernity, good governance and prosperity, and as a country that looks after its citizens. Official budget documents show that, for the 2012 fiscal year, Dos Santos has set aside has set aside about US$40 million from the presidency’s budget for an initiative run by his own son and daughter for promoting a positive image of Angola to the world. A private Angolan company, Semba Comunicação, has borne the responsibility of improving the image of the Angolan regime since 2006. The company claims that soon after its launch it presented on CNN International “the campaign that changed the concept of African public relations at the level of the international media”: the “Angola, grow with us” campaign by the National Private Investment Agency (ANIP). Out of the share of the presidential budget […]

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Family of Former Angolan President at War

The controversial former President of Angola, José Eduardo dos Santos, is reportedly close to death at the private Teknon clinic in Barcelona[1] while family members fight over who has the right to switch off the machines keeping him alive. Amid unconfirmed reports that the 79-year-old former head of state is brain dead, the right of his wife, Ana Paula Lemos dos Santos, to take decisions as his next of kin is challenged by some of his children. His daughter, Welwitschia dos Santos, wants a full police investigation into what she alleges was “attempted homicide, criminal negligence, a failure to render assistance and a breach of medical confidentiality”. An official statement released “on behalf of the family”, late last week, stated that the former President had suffered a cardiac and respiratory arrest after falling downstairs at his Barcelona residence. This account is disputed by Welwitschia, known as ‘Tchizé’, who has instructed […]

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40 Years On… The Boys are Back

Shrugging off the legal challenges to her appointment as President of the Board of Director of Sonangol, the President’s daughter, Isabel dos Santos, has lost no time in showing how she means to restructure the state oil company.  Her first task has been to recruit 120 Portuguese staff to senior positions. The new recruits will join a further 50 consultants – also mostly Portuguese nationals – currently working as consultants and advisers to Isabel on behalf of the Boston Consulting Group and the Portuguese law firm Vieira de Almeida, who in effect are jointly running the Angolan state firm at this point. The arrival of the Portuguese contingent to take over at the Angolan state oil company raises some interesting points:  firstly, the total absence of any national or international recruitment campaign and the lack of any attempt at dialogue between the managers and workers at Sonangol points to the same lack […]

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Angola’s House of Cards

Angola’s Vice-President, Manuel Vicente, is reportedly under investigation in Portugal over allegations that he bribed a Portuguese public prosecutor, Orlando Figueira, to put an end to scrutiny of his murky affairs in the country. Oddly, the Angolan authorities have been silent about this affair. This is a noteworthy change of tactics. After all, this is Portugal, where Manuel Vicente has been lauded as a world-class leader and manager while he helped enrich any number of opportunists and carpetbaggers.  Equally, there seems to be no sudden rush to “protect Portuguese interests in Angola”.  This is odd.  Has he been hung out to dry? It appears that Manuel Vicente placed too much trust in the invincibility of José Eduardo dos Santos. Above all, he trusted in the impunity assured by the Angolan president to those loyal to him as they too were granted a role in the pillaging.  Did he overstep?  It’s […]

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Tchizé dos Santos: Diamonds are a Girl’s Best Friend

On 5 November 2010 the president of the Republic of Angola, José Eduardo dos Santos, authorised the minister of Mining and Industry to extend the terms of a diamond mining concession in Lunda-Norte province, primarily to the benefit of his daughter Welwitschea José dos Santos, usually known as ‘Tchizé’. Presidential Decree 296/10 of 2 December 2010 ordered a two-year extension to Projecto Muanga’s Licence for Prospecting, Research and Identification for Kimberlite diamonds, in Lunda-Norte province. President dos Santos initially authorised the project on 14 July 2005 as a partnership between the state diamond company Endiama (51 per cent), Sociedade de Desenvolvimento Mineiro – SDM (20 per cent), Odebrecht (19 per cent) and Di Oro (10 per cent). SDM is a joint venture between Endiama and Odebrecht, a Brazilian multinational. Di Oro – Sociedade de Negócios, established in 2003, is owned entirely by Tchizé dos Santos (73.34 per cent), her husband […]

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