Tag: National Bank of Angola

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 […]

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Sonangol’s Billion Dollar Headache

The task facing Angola’s state oil company, Sonangol, as it adjusts to lower revenues during the slump in oil prices, is complicated by a stratospheric debt burden which gives little room for manoeuvre.  And yet the new administration is unexpectedly making repayment of one private debt a top priority. In spite of multiple pressing issues (including the root-and-branch restructuring of Sonangol) repayment of this particular debt has been fast-tracked by Sonangol’s new CEO, the President’s daughter Isabel dos Santos.   A source close to the Sonangol board has told Maka Angola it’s the reason why Sonangol has been seeking a loan of US $800 million from a bank based in Egypt, offering as surety its shares in the Millenium BCP division of Portugal’s largest private bank, the Commercial Bank of Portugal (BCP). The urgent repayment?  A one billion US dollar debt owed to Trafigura. This is the joint venture between the […]

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Angola’s Sovereign Fund Pays US $100 Million to a Shell Company

On 22 January 2015, Angola’s Sovereign Wealth Fund (FSDEA) transferred the sum of 9 948 750 000 kwanzas (equivalent at the time to US$100 million) to the company Kijinga S.A. This company is nothing more than a shell company set up as a front for shady transactions by Banco Kwanza Invest (BKI), a bank created by the 36-year-old José Filomeno dos Santos “Zenú”, the current chair of the FSDEA and the son of the President of the Republic. Kijinga S.A. shares an office with BKI at 150 Avenida Comandante Jika, next to the Maternity Hospital in Luanda. This address has only one business door, which opens into a small waiting room where there is a reception area and two chairs for visitors. One of these chairs is usually occupied by a security guard, in addition to the guard on duty outside the door. The windows are darkened glass, which does […]

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