Kero: Manuel Vicente Goes Shopping with State Money

The Kero hypermarket, probably the biggest in Angola, might be considered a model of private investment due to the way it has improved the range, and quality of consumer goods available in the country. But it has also proved to be a model example of how Angola’s top officials continue to ignore the distinction between public and private property and have turned themselves into the country’s top entrepreneurs. Kero has been operating for a year, in Luanda’s Nova Vida suburb. In an interview with the weekly paper O País, Kero’s Brazilian Director-General, João Santos, revealed how much MONEY had been invested by a group of Angolan businessmen in partnership with Banco Privado Atlântico: “The US$35 million is a combination of private capital and resources freed up by the partnership with Atlântico.” The hypermarket occupies a surface area of 7,500 square metres and a total area of 11,000 square metres. A […]

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