Tag: Ministry of Finance

Sonangol on the Brink

Putting the President’s daughter in charge of Angola’s national oil company has been such a ‘good move’ that the company is now reported to be on the brink of bankruptcy. The ‘genius’ businesswoman and her cabal of Portuguese consultants have succeeded only in a level of mismanagement greater than ever before. And so it has come to pass that the state monopoly that controls Angola’s main source of income is now reduced to the role of beggar. Maka Angola is reliably informed that on May 17 Isabel dos Santos went to see the Finance Minister, Archer Mangueira, to request an injection of three billion dollars (!!) to rescue Sonangol from imminent bankruptcy. A source close to the Portuguese consultancy firm which has been the de facto administrator of Sonangol on behalf of Isabel dos Santos, told Maka Angola that the Minister had to inform the President of the Sonangol Board […]

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National Director of State Assets in Major Land-Grabbing Fraud

On June 5, 2014, the national director of State Assets at the Ministry of Finance, Sílvio Franco Burity, successfully petitioned the governor of Kwanza-Sul, General Eusébio de Brito Teixeira, for the legalization of 8,974 hectares of land, to be used for his own private agricultural and cattle rearing projects. The land in question is located in the commune of Quimbalanga, in the municipality of Mussende, and consists of two contiguous holdings. Sílvio Franco Burity applied for the title deeds of the first holding, of 4,751 hectares, as the representative of Grano Gado Lda, a private company. The director formally owns fifty per cent of the shares in Grano Gado, while his partner and managing director of the company, Manuel dos Santos da Silva Ferreira, owns the other half. Unconcerned with current legislation, whether due to impunity or arrogance, Angolan leaders ignore the constitutional principle that the land belongs to the […]

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Dos Santos’ Son Shapes His Own Government

Speculation has been growing during the last few months on how José Filomeno dos Santos “Zenú”, one of the sons of Angolan President José Eduardo dos Santos “Zedú”, is being positioned as his successor to the presidency. What is not common knowledge is how Zenú has already been participating in the current management of government affairs. A recent example was the appointment, on May 6, of Armando Manuel, then economic advisor to President Zedú and chairman of the Angola Sovereign Wealth Fund, to the post of Finance minister. Initially, Zenú suggested to his father that Armando Manuel be considered for the position of chairman of the board of directors of Sonangol, the national oil company. Sources at the presidency told Maka Angola that José Eduardo dos Santos declined the request. He pointed out to his son the lack of technical capacity and political ability of Armando Manuel to manage the […]

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