Connect with us

Game Changer

Angola Government Recoups $500 Million Of Allegedly Illicit Funds Involving Son Of Former Angolan Dictator

Published

on

José Filomeno dos Santos,

José Filomeno dos Santos,

Angola’s finance ministry said on Monday that it had recovered $500 million transferred to a bank account in London in an allegedly illicit operation involving José Filomeno dos Santos, the son of the country’s former president.

José Filomeno was formally named a suspect in the investigation, along with the former governor of Angola’s central bank, Valter Filipe da Silva.

He had led oil-rich Angola’s sovereign wealth fund during his father’s rule. However, he was removed from his role in January following an internal governance review, becoming the highest profile person targeted in new President João Lourenço’s anti-corruption drive.

João Lourenço

João Lourenço

Just three months after his election to succeed longtime ruler dos Santos, President Lourenço sacked the former president’s daughter Isabel dos Santos from the leadership of the state oil enterprise Sonangol. 

President Joao Lourenco has taken other steps towards reform, including granting a temporary amnesty to rich Angolans willing to repatriate their funds. Nobody knows exactly how much money the elite are hiding abroad, but Angolan economists have put the total at $28 billion , which amounts to more than the country’s international reserves.

Angola is Africa’s second-biggest oil producer.

Read More Here >>

Facebook Comments

Advertisement
Click to comment

Leave a Reply

Advertisement

Recent Posts

Products

FACEBOOK

%d bloggers like this: