Swindling Angola’s Central Bank

Although to date Angola’s efforts have focused on severing ties to Jean-Claude Bastos de Morais’ management of the Sovereign Wealth Fund, his involvement in what is alleged to have been the systematic theft of money from the Angolan public purse goes further than the mismanagement of the Sovereign Fund. Up to now the government has remained totally silent about a further US $3 billion dollars that Bastos secured from Angola’s Central Bank (Banco Nacional de Angola – BNA). As with the Sovereign Fund monies, the BNA funds also found their way to the Northern Trust Bank in England, reportedly used as the hub for diverting funds obtained from Angola into Bastos’ Swiss-based Quantum Global Group. Maka Angola expanded its investigations after a whistleblower from the BNA entered into contact subject to guarantees of anonymity. The BNA official asserted that “these funds [the BNA’s US$3 billion] have been managed without accountability.” […]

Read more

Temporary Reprieve, or Pyrrhic Victory?

Jean-Claude Bastos de Morais – an indicted swindler connected to the former kleptocratic regime in Angola, accused of the brazen theft of untold millions of dollars of public money – has obtained a temporary victory in his legal battles. An attempt by lawyers representing the Angolan government to prevent Bastos de Morais from continuing to access the US $5 billion dollar Angolan Sovereign Fund, was not upheld by the courts in London, UK due to their failure to produce the required documentation in time. The effect is to allow Bastos de Morais, who is already facing charges for embezzlement of hundreds of millions of dollars from the Sovereign Wealth Fund, to regain access to hundreds more. Blame for this procedural mishap is reputedly down to ineptitude by Angola’s new government, possibly related to the ruling party’s desire to protect the former President. The word in London is that Luanda is […]

Read more

Calling the Kleptocrats to Account

After more than four decades of official silence, Angola’s dirty secrets are being swept from under the carpet. Officially-sanctioned news reports denouncing specific cases of corruption in high places have mushroomed in a matter of months. People once thought to be untouchable are under investigation or already face criminal charges. José Filomeno dos Santos (Zenú), and his business associate Jean-Claude Bastos de Morais have been charged with misappropriating $500 million US dollars from the $5 billion US dollar Angolan Sovereign Wealth Fund. The fate of the rest of the fund has yet to be determined. Zenú’s elder sister, Isabel dos Santos, is alleged to have built a billion-dollar business empire based on nepotism and ‘loans’ of public money that have never been repaid. The evidence now emerging confirms the endemic corruption that Maka Angola has been reporting for years. There is, of course, a common denominator in the scandals involving […]

Read more

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 […]

Read more

Flying in the Face of Justice

Jean-Claude Bastos de Morais, the Swiss-Angolan ‘businessman’ who is accused of masterminding a conspiracy to defraud the Angolan Republic of untold millions of dollars, is enjoying life as a free man in Angola, despite being the subject of police investigations and criminal and civil lawsuits in several countries. Why, when he faces such serious criminal and civil charges in connection with his (mis)management of US $3 billion of the Angolan sovereign wealth fund and alleged fraud and money-laundering, is Mr. Bastos de Morais at liberty to continue to run the Banco Kwanza Invest (BKI) and the controversial project to build and run the Caio deep sea port project in Cabinda province? He is said to have amassed an enormous fortune largely thanks to his association with one of the sons of former Angolan President José Eduardo dos Santos: José Filomeno, nicknamed Zenú. In one of his many acts of outright […]

Read more

The Angolan Sovereign Fund and the Arch-Fraudster

When historians come to write the unexpurgated story of corruption in Angola, the chapter on how dual Swiss-Angolan national Jean-Claude Bastos de Morais enriched himself from the Angolan Sovereign Fund is sure to be a page-turner. Bastos de Morais is the silent partner of the former Sovereign Fund’s chairman, José Filomeno dos Santos (Zenú), the hitherto-untouchable son of former President José Eduardo dos Santos who turned Angola into a kleptocracy during 38 years in power. The US $5 billion Sovereign Fund was created to stimulate economic diversity – a hedge against the future when Angola’s rich oil reserves run out. Zenú and his buddy Jean-Claude are alleged to have treated the Sovereign Fund as their personal piggy bank and both face charges of fraud and money-laundering. Zenú’s father used also set up the Angolan Venture Capital Fund (in Portuguese: Fundo Activo de Capital de Risco Angolano, FACRA) in 2012. Under […]

Read more

Ex-President dos Santos and His Son’s Billion-Dollar Scam

Before agreeing to step aside after 38 years in power, Angola’s former President, José Eduardo dos Santos, made sure he obtained guarantees of permanent immunity from prosecution for any crimes committed during his time in office. For Angola’s ruling party MPLA and lawmakers, it was a pragmatic necessity: how else could Dos Santos be persuaded to step aside? The man had an international reputation as one of Africa’s most zealous kleptocrats, using his position to enrich himself and his extended family. Six months on, however, a complex international investigation into an attempted US $1.5 billion fraud involving his son José Filomeno dos Santos “Zenú” has put Angolans openly discussing whether the Dos Santos family en masse should have those immunity guarantees removed. His son is firmly in the sights of criminal investigators who have documentary evidence that it was his father who oversaw the attempted scam. The Weakest Link As […]

Read more

Angolan Central Bank US $500 Million Swindle Foiled

The latest episode in the long-running saga of the alleged plunder of Angola’s public coffers has just come to light. Thanks to the diligence of British financial watchdogs and a change of regime in Angola, what is alleged to have been an attempt by the former President’s son to divert US $500 million, with his father’s blessing, looks to have been halted at the eleventh hour. Full details of the alleged fraud have yet to be revealed, but information confirmed by separate sources indicates that the new Angolan President João Lourenço has taken steps to reclaim the funds which have been frozen pending the outcome of an international investigation. A spokesman for the UK’s National Crime Agency told us: “We can confirm that the NCA’s International Corruption Unit is investigating a case of potential fraud against the Angolan government.” The NCA spokesman said they could not provide any further details […]

Read more

The Power Behind Cabinda’s Power Stations

Why would Angola’s President José Eduardo dos Santos issue a presidential decree (25/17) in February this year to award an estimated US $200 million r contract for a 100 Megawatt bi-fuel power station in Cabinda to an unknown entity named “Vavita Power S.A.”? It’s a sweet deal: as spelled out in that presidential decree, it is a renewable 25- year arrangement accompanied by purchase guarantees, thanks to an Energy Acquisition Contract (Contrato de Aquisição de Energia, CAE) that obliges future governments to buy whatever energy is produced for the National Grid (Rede Nacional de Transporte, RNT). So far as industry experts have been able to ascertain, Vavita is what they call a ‘ghost’ company, based in the central headquarters of a bank with no branches. They wonder why Angola’s President would entrust an unknown company with the task of constructing and operating another dual-fuel thermoelectric power station for Cabinda. Although […]

Read more

A London Law Firm Won’t Stop Us Exposing Those Who Swindle Angola

My job is to investigate and expose human rights abuses and large-scale corruption in Angola. It’s not just my job – I have dedicated my life to this fight for justice in my native land. Inevitably this makes me a target for harassment by the current regime and the judicial system it controls, such as the Criminal Investigation Service (Serviço de Investigação Criminal – SIC) and the Office of Attorney-General of the Republic (Procuradoria-Geral da República – PGR). These minor irritations are part and parcel of the kind of work done by social justice activists the world over. Abroad, in Western democracies such as Portugal, people are often surprised that the Angolan government, which has been repeatedly branded as a dictatorship, doesn’t use violence to the same extent as other dictatorial regimes to silence critics. Perhaps they are unaware that extrajudicial execution is a commonplace event in Angola. I am […]

Read more
1 2