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Articles on this Page
- 08/12/18--15:52: _Swindling Angola’s ...
- 08/28/18--06:56: _Legal Jeopardy for ...
- 09/07/18--05:05: _Angolan Port Author...
- 10/23/18--00:16: _Angola’s Path to Ju...
- 10/31/18--20:01: _Angola’s ‘Money Pit...
- 11/07/18--17:51: _Angola: When the Wo...
- 11/14/18--06:53: _Repairing Angola’s ...
- 08/12/18--15:52: Swindling Angola’s Central Bank
- 08/28/18--06:56: Legal Jeopardy for the Angolan ‘Princess’
- 09/07/18--05:05: Angolan Port Authority Seeks End to Sogester Contract
- 10/31/18--20:01: Angola’s ‘Money Pit’ Currency Museum
- 11/07/18--17:51: Angola: When the Wolves can Dance with the Goats
- 11/14/18--06:53: Repairing 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.” [...]
The woman who once styled herself as Africa’s first female billionaire, controlling a complex empire of companies registered around the world, is discovering that all those overseas registrations make her vulnerable to legal action in multiple jurisdictions. As reported extensively by Maka Angola over many years, evidence shows the Dos Santos family and associates customarily registered companies overseas (often in tax havens known for lax supervision) using them as vehicles for the sole purpose of transferring large sums of money between multiple companies owned or controlled by the Dos Santos cohort. International experts say such transactions between shell companies are typical of large-scale embezzlement and money-laundering. One particular financial manoeuvre involving nearly US $500 million transferred through a Dutch-registered subsidiary has now placed Isabel dos Santos in the position of having to defend herself against a lawsuit in the Netherlands in a case that has also been the subject of [...]
The Danish multinational giant, Maersk, stands accused of making obscene profits at the expense of Angolan dockworkers amid calls for the contract awarded to its subsidiary, Sogester, to be ripped up. The Port of Namibe says it is struggling to pay its workers because it is powerless to revoke a 2014 contract which gives 90% of income to the port’s commercial operator, Sogester, a joint partnership between the Maersk group’s APM Terminals and a company which is the commercial arm of Angola’s ruling MPLA party. According to the Port of Namibe board chairman, António Samuel, “it has been an enormous struggle to safeguard workers’ pay and keep going on the 10%”. The dockworkers’ union agrees – and says it is high time this contract was torn up. The port authority and union are hoping the government of President João Lourenço (elected in September 2017) will step in to review what [...]
The dramatic recent arrests of high-ranking figures linked to former Angolan President José Eduardo dos Santos has gripped the public. Yet little or nothing has been revealed about the struggle to recover the billions of dollars stolen from the public purse during Dos Santos’s corrupt regime. Extensive whistleblower reports published by Maka Angola have led to numerous investigations and prosecutions across the globe to bring to justice all those who illicitly enriched themselves during the Dos Santos years. But efforts to repatriate the missing billions have been complicated by the tortuous schemes devised by the principals to obscure the money trail. One such example: Back in 2009, an Angolan company named Portmill Investimentos e Telecomunicações S.A. allegedly committed fraud in its acquisition of a majority shareholding in the Banco de Espírito Santo Angola (BESA). BESA was the Angolan subisdiary of one of Portugal’s oldest private banks, the Banco de Espírito [...]
The Banco Nacional de Angola (BNA), the country’s central bank, is housed in one of the prettiest colonial buildings that the capital city has to offer: a confection of Portuguese colonial construction in pink and white, consisting of two colonnaded wings which meet at a circular tower topped by a distinctive red-tiled cupola. The ‘wedding cake’, completed in 1956, occupies an entire block of Luanda’s Marginal, the gently-curving and tree-lined avenue which runs the length of the picturesque bay. Buried in the paved pedestrian square alongside the bank, some meters beneath an elaborate winged structure, is one of the city’s lesser known museums: the subterranean ‘Museu da Moeda’ (the Currency Museum). Opened in 2016, it may only have a single below-ground exhibition room with exhibits of dubious worth but this museum is worthy of a little more attention than it has received so far. The Currency Museum project, which began [...]
This is an edited version of the presentation made at the Conference: A Celebration of Mandela’s Legacy and a Reflection on Democracy and Good Governance in Africa. I am honored to return to the European Parliament as a guest of the Socialists and Democrats Group, for Africa Week. This meeting is special – it coincides with the centenary of the birth of one of Africa’s most celebrated leaders, Nelson Mandela. So it is a fitting day on which we take the opportunity to pay homage to his wise legacy and share our views on democracy and good governance. In Africa, what counts as democracy and good governance? The definition of these two concepts has spawned many political arguments – not to mention an entire industry of scholarship. In homage to Mandela, and with regard to the relationship between rulers and the ruled on the African continent, allow me to [...]
In the wake of recent revelations of mismanagement and corruption at the Banco Nacional de Angola (BNA), its Governor, José de Lima Massano, took to the airwaves in an attempt to defend his reputation and that of the bank. It was all to no avail, because many high-ranking officials have taken to heart the new Angolan President’s strictures against corruption and are willing to blow the whistle, backing up their claims with documentary proof. It’s evidence that should prompt the Attorney-General’s office to open an investigation. Maka Angola has been given a copy of the contract signed in 2013 for the rehabilitation of the central bank’s historic main building, signed by Massano during his first stint at BNA governor. As with other projects (like the much-derided Currency Museum), he hired the Angolan subsidiary of the Portuguese construction firm Somague to do the work. Somague stands accused of routinely padding costs [...]