Portuguese Corruption Trial Snares Angola’s Vice President

The net is closing around Angola’s Vice-President, Manuel Vicente, the former CEO of the country’s oil giant Sonangol and a man long accused of being a conduit for the diversion of oil revenues into international business deals linked to the Angolan President, his family and close associates. He faces charges in connection with the alleged suborning of a Portuguese prosecutor. Orlando Figueira, in 2013 to set aside an investigation into money-laundering involving the purchase of a US $4 million luxury apartment in Lisbon. Both the prosecutor and Vicente’s lawyer, Paulo Blanco, have also been indicted on charges of violating court confidentiality regarding the investigation into the Angolan subsidiary (BESA) of the Banco de Espirito Santo (BES), which collapsed in 2014. If proven, then by suborning the prosecutor, the Angolans succeeded in interfering with the course of justice in Portugal to prevent any prosecution in the BESA investigation which, by unravelling […]

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Banco Espírito Santo Angola’s Toxic Loans to the Elite

Banco Espírito Santo Angola (BESA) is faced with serious financial problems caused by bad loans to the tune of US$6.5 billion including US$1.5 billion in interest, Maka Angola has learnt from reliable sources. During Álvaro Sobrinho’s tenure as chairman of the bank’s executive committee (2002-2013), BESA took to granting astronomical loans, mostly to well-known figures in the Angolan regime, including several members of the ruling People’s Movement for the Liberation of Angola (MPLA) Politburo. Since 2013 the chairman of BESA’s board is an MPLA Politburo member, António Paulo Kassoma, who has served as prime minister and speaker of the National Assembly. According to information obtained by Maka Angola, the bank had made loans totalling nearly US$200 million with Álvaro Sobrinho as the main beneficiary. The bank now wants to recoup this loan. Eugénio Neto “Geny Neto”, the vice chairman of Espírito Santo Commerce (Escom) in Angola, has been named as […]

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The Angolans’ Exclusive Building in Estoril Sol

Displays of wealth by nouveau riche Angolans have become legendary in Portugal in recent years. Angolan leaders and their families and business associates have been buying up some of the country’s most opulent properties. A typical case is that of Estoril Sol Residence, a luxury housing complex comprising three buildings of a distinctive and controversial design in Estoril, a coastal suburb of Lisbon. The complex contains some of Portugal’s most expensive apartments, priced at between one million and five million euros per unit. The complex, opened two years ago, is well known as “the Angolans’ building”, since Angolans are the main property owners there, holding title to about 30 apartments. An investigation by Maka Angola has revealed the names of the rich Angolans who own property in Estoril Sol Residence. The Minister of Public Administration, Employment and Social Security, António Domingos Pitra Costa Neto, is the owner of five apartments […]

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