Sonangol’s Hotel Bills don’t Add Up

The national oil company Sonangol, which is the largest state-owned company, has been regarded internationally as an oasis of competence and good management practice in Angola. At the same time, Sonangol has also been accused from abroad of being the main vehicle for the looting and disappearance of billions of dollars in oil revenues. However, Angolans themselves need to pay closer scrutiny to the current management of Sonangol, which supplies about half of the funds that make up the country’s annual state budget. In 2010, Sonangol picked up a bill of over US $1 million for nine days’ worth of accommodation and expenses at the Suite Hotel Maianga in Luanda. The hotel bills (see the table) amounting to US $1,346,022.50 were paid through Banco Africano de Investimentos (BAI), of which Sonangol is the main shareholder, with an 18.5 percent share. The three-star hotel has 54 rooms including two executive suites […]

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