Stealing from Angola’s Sovereign Fund Was This Easy

Angola’s national bank seems to have been looking the other way when the President’s son and his friend used a bank and several ‘shell’ companies to steal US $100 million, one of many schemes they put in place to loot Angola’s Sovereign Fund. As everyone now knows, then-President José Eduardo dos Santos put his son, José Filomeno dos Santos (Zenú) in charge of Angola’s Sovereign Fund. In turn, Zenú put his close friend and business associate, Jean-Claude Bastos de Morais, in charge of managing the Sovereign Fund monies. The two already face charges of theft and money-laundering in connection with an attempted $250 million dollar embezzlement from the Sovereign Fund. One by one, more instances of their criminal conspiracy to defraud the Angolan public purse continue to emerge. Three years ago, Maka Angola learned that the equivalent of USD $100 million had been transferred out of Angola’s Sovereign Fund on […]

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