Tag: Ricardo Machado

MONEY FOR NOTHING (PART TWO)

Multi-billion-dollar deals between the government of Angola and the US corporate giant General Electric for showpiece rail and energy infrastructure projects are under investigation after reports of scandalous “irregularities” involving an intermediary company. As reported by Maka Angola, the projects were all part of a Memorandum of Understanding, signed by GE and the Angolan government in 2013.  Two years later, three separate contracts by which these proposals would be executed were drawn up by Aenergy (Aenergia, S.A.) acting as GE’s intermediary or “channel” partner, whose legal owner is Ricardo Leitão Machado, a Portuguese national.   This was how the former Angolan administration did business with the world.  Under President José Eduardo dos Santos, foreign investors and businesses were required to enter into partnership with the Angolan private sector.  All too often, these were companies with nominal owners shielding the involvement of politically exposed persons whose primary goal was to divert […]

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Money for Nothing

Over the past 20 years Angola has been bilked of billions of US dollars earmarked for public projects that delivered little or no actual benefit to the country.  And an investigation by Maka Angola into a long-promised revamp of the country’s railway system, suggests the government is still being conned into handing over millions of dollars on schemes that fail to materialize. OFF THE RAILS For two decades under former President dos Santos, Angola repeatedly awarded multi-million-dollar contracts for complex projects to ‘johnny-come-lately’ companies with no track record.  Invariably these were shell companies set up by Dos Santos cronies that never had the wherewithal to deliver on their promises.  It was a scam by which the state kleptocrats diverted public funds into their own bank accounts.  Under reformist President João Lourenço, things are supposed to have changed.  But have they? A two-part investigation by Maka Angola into a billion-dollar deal […]

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