Tag: Francisco de Lemos José Maria

Angolan Corruption Case Snares Irene Neto

Really? Carlos Manuel de São Vicente is currently a jailbird. On September 23 he was remanded in custody in Viana prison (Luanda) awaiting trial, where conditions might soon make him forget his ill-gotten billions. One by one, the bit-part players in the Dos Santos kleptocracy are being taken down, evidence of their crimes adding up against the long-ruling kleptocrat-in-chief who oversaw the outrageous theft of tens of billions of dollars of Angolan patrimony. It’s no easy matter to bring a former president to justice – especially one who secured a permanent amnesty for his actions – but the wheels of justice are turning inexorably towards his family, friends and former colleagues. Angola’s first President, Dr Agostinho Neto, must be spinning in his grave. None other than his own daughter and son-in-law’s names have been added to the long, LONG, list of “illustrious” Angolan politicians and officials accused of corruption, embezzlement […]

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China Chokes Angola Credit

Is China beginning to lose patience with the Angolan regime? Maka Angola has learned that the China Development Bank (CDB) has declined to make any further funds available to the Angolan state oil company Sonangol, under a US $15 billion line of credit granted in December 2015, citing Angola’s “lack of contractual compliance” and attempts to “use the money for indeterminate ends”. Sources at the Angolan Finance Ministry have revealed that US $5 billion of December’s loan was intended to cover oil production costs, leaving US $5 billion for debt refinancing. In exchange Angola would increase its cargoes of crude to China. The other US $ 5 billion are for the Finance Ministry’s use. Until recently over half of the 50-60 oil shipments out of Angola each month went to the Western oil majors who operate the oil fields and platforms that allow Angola to export 1.8 million barrels per […]

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Goats Tethering at Sonangol

For Christmas gifts to its board of directors, the National Oil Company Sonangol allocated a total budget of US $2.2 million. Watches, luggage and other extravagant accessories by luxury brands such as Cartier, Hermès, Louis Vuitton and Gucci, among others, were part of the range of gifts that the seven executive and four non-executive board members had at their disposal. These gifts were to be exchanged between them, and to be used to reward selected members of the government. Besides the CEO of Sonangol, Francisco de Lemos José Maria, the other executive directors are Anabela de Brito Fonseca, Baptista Sumbe, Fernando Roberto, Sebastião Gaspar Martins, Mateus Morais de Brito and Raquel David Vunge. The non-executive directors are Albina Assis Africano, André Lello, José Gime and José Paiva. When all is added up, each director had US $250,000 to spend on luxury goods. Local analysts welcomed the appointment of Francisco de […]

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