Search Results for: BESA

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 […]

Within a year, senior staff at the Angolan Office for Immigration and Foreigners (known by the Portuguese acronym SME) issued more than 14,000 work visas, at a unit cost of between US$5,000 and US$15,000, with absolutely no revenue entering state coffers.   The operation has earned over US$90 million for the corrupt officials and nothing for the State. This information is part of an audit of the SME conducted by the Inspectorate of the Ministry of the Interior (MININT), and delivered to the Minister of the Interior on February 6 past. Maka Angola saw the report. The investigation was opened on the November 6, 2013, by order of the Minister of the Interior, Ângelo de Barros Veiga Tavares, and its aim was to verify “how certain decisions were taken by the Ministry of the Interior, with regard to correcting irregularities, flaws and anomalies noticed in the investigation into the Office […]