Tag: money-laundering

Portuguese Corruption Trial Snares Angola’s Vice President

The net is closing around Angola’s Vice-President, Manuel Vicente, the former CEO of the country’s oil giant Sonangol and a man long accused of being a conduit for the diversion of oil revenues into international business deals linked to the Angolan President, his family and close associates. He faces charges in connection with the alleged suborning of a Portuguese prosecutor. Orlando Figueira, in 2013 to set aside an investigation into money-laundering involving the purchase of a US $4 million luxury apartment in Lisbon. Both the prosecutor and Vicente’s lawyer, Paulo Blanco, have also been indicted on charges of violating court confidentiality regarding the investigation into the Angolan subsidiary (BESA) of the Banco de Espirito Santo (BES), which collapsed in 2014. If proven, then by suborning the prosecutor, the Angolans succeeded in interfering with the course of justice in Portugal to prevent any prosecution in the BESA investigation which, by unravelling […]

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Corruption in Angola, Money-Laundering in Portugal and the Impact on Human Rights

Rather than addressing corruption in Africa in general, this brief paper focuses on a particular case study, Angola. The rationale for this analysis lies in the paradoxical combination of the following factors: for the past decade, the country has had the fastest growing economy in the world; it is the third-largest economy in Sub-Saharan Africa; it ranks among the most corrupt regimes worldwide and has some of the lowest levels of human development. In recent years, the national oil company Sonangol and Politically Exposed Persons (PEP’s) have invested billions of euros in the European Union, particularly in Portugal. On February 14, the National Assembly passed Angola’s 2013 state budget – the largest ever, to the tune of US $69 billion. This unprecedented budget and the country’s steady economic growth have the potential to transform the lives of Angolans. It is estimated that two-thirds of the 19 million Angolans still live […]

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