Search Results for: BAI

Chairman of Angola’s Bank BAI Accused of Misappropriation of State Assets 

Allegations of corruption have re-surfaced against the head of Angola’s largest private bank, the BAI (Banco Angolano de Investimentos),after a formal criminal complaint against Board Chair José Carlos de Castro Paiva was lodged with the Angolan Attorney-General on Monday.  Paiva is alleged to have diverted state assets worth millions of US dollars into private shell companies and bank accounts, to benefit himself and others linked to the discredited former President, José Eduardo dos Santos. The formal complaint, citing instances of Paiva’s alleged money laundering and illegal diversion of public funds, was submitted by investigative journalist Rafael Marques and sociologist Tânia de Carvalho, to demand the Office of the Attorney-General launch a comprehensive investigation. Previous allegations against Paiva have not been followed up in Angola.  Alleged to have been one of the key facilitators of the wholesale looting of public money by the former Angolan regime, Paiva joined the state oil […]

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Only in Angola: Fraudster’s Bank Gets Bail-Out

The notorious Angolan-Swiss fraudster, Jean-Claude Bastos de Morais,  was remanded in custody in Angola last September to await trial on charges of embezzling billions of dollars from the country’s Sovereign Wealth Fund.    So why are the Angolan authorities allowing him to continue as the majority owner and head of the Banco Kwanza Investimentos, S.A.?  And what on earth persuaded the Governor of Angola’s central bank to bail out Bastos de Morais’s failing ‘investment’ bank?    FLOUTING THE RULES Jean-Claude Bastos de Morais (JCBM) registered the BKI (initially under the name of Banco Kwanza Invest, S.A.) with himself as the majority owner with 85% of the stock and the remaining 15% registered in the name of Sérgio Ferreira Mata da Costa.  This was a ruse to hide the real owner, the former BKI Chairman of the Board and Swiss national, Marcel Kruse, presumably to comply with a requirement for an Angolan […]

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The Cash-Strapped Kleptocracy Seeks an IMF Bailout

Angolan Finance Ministry officials seem to have learned nothing from the past.  With low oil prices dragging the economy into crisis, the Ministry has had to turn to the International Monetary Fund (IMF) for a bailout.  But Angolan officials are so desperate to conceal the extent of their troubles, that their official statement pretends this is a ‘normal’ IMF intervention, not at all like the rescue that Portugal needed just a few years ago. In fact, it’s exactly the same type of financial aid programme that Portugal got in 2011, just as the IMF reported at the time. Portugal was given a three-year aid plan.  Angola too is now negotiating a three-year aid plan. According to Min Zhu, the IMF Deputy Managing Director: “We have received a formal request from the Angolan authorities to initiate discussions on an economic program that could be supported by financial assistance from the IMF.”  […]

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Young “Revolutionaries” Freed on Bail

On Monday, Judge Josefina Pedro of the Luanda Police Court ordered the release of eight youths who had been detained during a demonstration in the city on September 19. The detainees, all known to be members of the self-nominated Revolutionary Movement, were suspected of trying to organise an anti-government demonstration. They are Adolfo António, Adolfo Campos, Amândio Canhanga, António Ferreira, Joel Francisco, Pedro Teka, Quintuango Mabiala and Roberto Gamba. The eight first appeared in court for summary trial on September 20 and were released because there was not sufficient evidence against them. However, 20 minutes after their release, the Rapid Reaction Police rearrested seven members of the group while they were talking to journalist Rafael Marques de Morais about their earlier experiences of arrest and torture under police custody. Marques and two other journalists were arrested at the time same. Police beat all of the detainees, before releasing the three […]

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BAI: The Regime’s Banking Laundromat

In recent years, the Angolan financial market has been led by Banco Africano de Investimentos – BAI (African Investment Bank), a banking institution previously named Banco Angolano de Investimentos (Angolan Investment Bank). To a certain extent, the shareholding structure of the bank reflects its success as well as the institutionalization of public assets’ transfer to public officials, for their illicit enrichment. Praised at US $8 billion, BAI currently holds a portfolio of deposits and credits estimated, by the Angolan National Bank, at US $10.4 billion and US $3.2 billion, respectively. At its inception, in 1996, Sonangol was BAI’s main investor, with 18.5 percent of its shares. Over the years, Sonangol quietly transferred 10 percent of its shares to the private ownership of high-ranking officials, besides the ones who, from the start, already owned considerable shares of the banks stock. By way of illustration, the table below shows only the list […]

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Family of Former Angolan President at War

The controversial former President of Angola, José Eduardo dos Santos, is reportedly close to death at the private Teknon clinic in Barcelona[1] while family members fight over who has the right to switch off the machines keeping him alive. Amid unconfirmed reports that the 79-year-old former head of state is brain dead, the right of his wife, Ana Paula Lemos dos Santos, to take decisions as his next of kin is challenged by some of his children. His daughter, Welwitschia dos Santos, wants a full police investigation into what she alleges was “attempted homicide, criminal negligence, a failure to render assistance and a breach of medical confidentiality”. An official statement released “on behalf of the family”, late last week, stated that the former President had suffered a cardiac and respiratory arrest after falling downstairs at his Barcelona residence. This account is disputed by Welwitschia, known as ‘Tchizé’, who has instructed […]

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NO MAGIC – ANGOLA’S BANKING SYSTEM IS JUST SMOKE AND MIRRORS

What happened to the US $2 billion injection of funds from Angola’s central bank (BNA) in 2014 that was supposed to refinance the Banco Económico (BE) as it emerged from the ashes of the failed Banco Espírito Santos (BESA)? Surely José de Lima Massano must have some idea? He was Governor of the Banco Nacional de Angola (BNA) then and is again now. Did he keep track of where the money went? Because the BE is failing again and he seems all too ready to throw good money after bad: ordering majority shareholder Sonangol to inject a further US $1.2 billion of public money into it. So who does this bailout benefit? Mr. Massano is the master magician tasked by President João Lourenço with restoring good governance to the Angolan banking system. Is he not up to the job? Or is he actively sabotaging it? According to Diamantino de Azevedo, […]

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Vincent Miclet’s Angolan (Mis)Adventures

When Le Monde profiled the African-born businessman Vincent Miclet in November 2018, it called him the “Gatsby” of Francophone Africa. The inference was clear: opulence and decadence combined in a single name. Gatsby was the fatally-flawed eponymous character of F. Scott Fitzgerald’s novel, whose fabulous wealth was obtained through mysterious, possibly illegal, means and whose machinations led to his downfall. Vincent Miclet (on the main foto) was presented as somewhat exotic: a slick, fifty-something millionaire playboy, born and educated to Baccalaureate level in Africa, his business acumen, in his own words, “self-taught”. In a self-serving interview with Le Monde, Miclet hoped to portray himself as a business genius cheated by Angola’s corrupt Generals. Publication ensured numerous commentators would take a closer look. The French businessman did not respond the questionnaire . This is the first in a series of investigations by Maka Angola. BUDDIES AND BRIBES According to Liberation, Miclet […]

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Angolan Injustice: The Case of the ‘Kidnapped’ Pastor

The reported kidnap of an elderly pastor belonging to the Church of Seventh Day Adventists in Angola made for sensational headlines. Pastor Daniel Cem alleged church leaders had ordered his abduction in November 2015 and claimed his family had to pay a ransom of 30 million Kwanzas (US $220,000 at the time) to secure his release. Pastor Cem named the Adventist Church’s regional Executive Secretary as having organized the kidnap. He then accused the President and Chief Financial Officer of defamation for passing around the church hierarchy an anonymous letter purporting to confess that the kidnap was staged by Cem’s own family to extort money from the church. After a controversial trial in December 2017, six members of the Adventist church, including the three northern region leaders, were found guilty and sentenced to between one and five years in prison. They have been bailed, pending appeal, but are confined to […]

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Angola’s ‘Money Pit’ Currency Museum

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 […]

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