Search Results for: Forbes

Isabel dos Santos Pockets Forbes

U.S.-based business publisher Forbes has formed a partnership with a company controlled by Isabel dos Santos, daughter of the Angolan President, to publish a new magazine edition for Portuguese-speaking African countries. Forbes Portuguese Africa will be a joint venture with ZAP, a company in which Ms. Dos Santos has a 70 percent shareholding. Last August, Forbes published information revealing that the President’s daughter had acquired almost her entire Angolan fortune through corrupt means. The announcement comes almost a year after Forbes included Ms. Dos Santos on its list of Africa’s wealthiest people. It assessed her wealth at U.S. $3 billion, making her the richest woman on the African continent. The inclusion of Ms. Dos Santos on the list attracted criticism that Forbes was glorifying a woman who owed her fortune to the political influence of her father, President José Eduardo dos Santos. In response to that criticism, in August, Forbes […]

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Who’s the Daddy Now?

Spare a thought for the sons and daughters of crooked Presidents.  Growing up as pampered princes and princesses, educated at the finest private schools at home or abroad, groomed to head up multi-million-dollar business empires and succeed the founder of the dynasty into unimaginable power and riches, these heirs apparently believe they are untouchable. For as long as daddy is President, his dynasty believe themselves to have total impunity from investigation and prosecution… but when his power wanes, that delusion can be cruelly shattered and like any spoiled child, in utter shock and disbelief that there may be consequences for their actions, the brat stamps their foot and bawls: “IT’S NOT FAIR!” Step forward Isabel dos Santos, the favourite daughter of José Eduardo dos Santos, the former President of Angola, now revealed as the chief Kleptocrat of a corrupt regime that for nearly four decades treated the national treasury as […]

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Unveiling Corruption Is Indeed Donkey Work

A Forbes article once obliged Isabel dos Santos by repeating her claim that she was Africa’s richest woman: a self-made billionaire who said she began her mercurial business career by selling eggs in the street on her way to school.  Perhaps she did sell eggs, once upon a time though knowing the origins of her later seed capital does make you wonder who it was that owned the hens.  And I can guarantee there was no egg selling in the streets around Brook Green, London when the daughter of Angola’s then President was attending the US$ 15,000 a year fee-paying St. Paul’s Girls School.   Isabel has an affinity for the British capital which is a favoured destination for the world’s money launderers. With her husband Sindiko Dokolo, she owns (via a shell company) at least one multi-million-dollar property in an exclusive gated community in the Royal Borough of Kensington […]

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Legal Jeopardy for the Angolan ‘Princess’

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 […]

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The Empress Has no Clothes

Isabel dos Santos is the woman who once boasted to Forbes magazine that she was Africa’s first female billionaire. Although Angolans knew she owed her fortune to nepotism and wholesale theft from the public purse, Isabel wove an image of herself as an astute global entrepreneur. But her reputation began to unravel along with her business empire after her father José Eduardo dos Santos stepped down as President of Angola last year. As President, Dos Santos had funnelled millions of dollars from the state oil company Sonangol to ‘loans’ to bankroll her businesses. Then, before leaving office, he installed Isabel as the head of Sonangol. The effect was catastrophic. The new President marshalled the evidence and ensured his own position was sufficiently secure before acting. First, Isabel was sacked as the head of Sonangol. Then she was removed, step by step, from each of the lucrative contracts or positions awarded […]

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Portuguese Corruption Trial Snares Angola’s Vice President

The net is closing around Angola’s Vice-President, Manuel Vicente, the former CEO of the country’s oil giant Sonangol and a man long accused of being a conduit for the diversion of oil revenues into international business deals linked to the Angolan President, his family and close associates. He faces charges in connection with the alleged suborning of a Portuguese prosecutor. Orlando Figueira, in 2013 to set aside an investigation into money-laundering involving the purchase of a US $4 million luxury apartment in Lisbon. Both the prosecutor and Vicente’s lawyer, Paulo Blanco, have also been indicted on charges of violating court confidentiality regarding the investigation into the Angolan subsidiary (BESA) of the Banco de Espirito Santo (BES), which collapsed in 2014. If proven, then by suborning the prosecutor, the Angolans succeeded in interfering with the course of justice in Portugal to prevent any prosecution in the BESA investigation which, by unravelling […]

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How Much Longer, Attorney General?

How much longer, João Maria, how much longer do we have to put up with you? The Attorney General of the Republic of Angola parades through the streets of Luanda with not an ounce of shame at the conflict of interest arising from holding public office while profiting from business dealings that have come his way only because of his position. What legal and moral conflicts? He is not just a shareholder in different companies, he has also served as a manager and legal consultant (e.g. in Prestcom) in spite of the constitutional prohibition on second jobs for office-holders. Additionally, General João Maria de Sousa has neglected the fundamental and basic premise of his job: to prosecute breaches of the law. He fails to investigate legal transgressions by members of the government, turns a blind eye to incontrovertible evidence of corruption, and sits on his hands when presented with egregious […]

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Standard Chartered Bank Gets Wise to Angolan Corruption

Standard Chartered Bank has reportedly declined to authorize a US $300,000 payment from the Angolan state-owned oil giant Sonangol to a Maltese-registered shell company named ‘Wise Intelligence Solutions’ on suspicion of money laundering, conflict of interest and corruption. Information supplied to Maka Angola from sources in London, UK, shows that the private company’s registered owner is none other than Sonangol President Isabel dos Santos. She is the daughter of President José Eduardo dos Santos, who appointed her to the job last June, and the first female African billionaire. The sources say there are grounds to believe that ‘Wise’ is a shell company and that the transfer of funds was unjustifiable. The six-figure payment to ‘Wise’ was purported to be payment for “consultancy services”. Presumably, the intent was to remunerate the firm’s sole employee: its director Mário Filipe Moreira Leite Silva. He is well known in Angola as the man who […]

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Angolan Oil Greases a Trio of Palms

At a time of prolonged economic crisis, Angola has an interesting way of prioritizing who gets first dibs on its dwindling supply of foreign exchange. Angola’s President José Eduardo dos Santos recently told the central committee of his ruling MPLA (People’s Movement for the Liberation of Angola) party that the government had not received any contribution from Sonangol (the national oil company) since the beginning of the year due to the sharp decline in oil price. He added: “the income Sonangol does derive is barely enough to pay its own and the State debts.” Dos Santos admitted that this was causing a foreign exchange crisis for the National Bank of Angola, the BNA, which was only able to muster approximately US $300 million per month. That comes from receivables from foreign oil companies working in Angola, who are required to exchange their national currencies into Angolan kwanzas to pay in-country […]

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Machete Torture: More Human Rights Abuses in Diamond-Rich Region

“I am Angolan!”, the informal diamond digger keeps screaming in pain and in vain, while the guard repeatedly beats him on the palm of his hands with a machete. His citizen’s rights are ignored. As the guard becomes more violent, the victim screams for his mother repeatedly, but his humanity is ignored as well. “Shit! Pardon does not exist”, the guard who is commanding the beatings of up to ten miners, laughs louder. He is known as Bonifácio. Video evidence has emerged of vicious and sadistic beatings recently meted out to informal miners known as ‘garimpeiros’ by private security guards. The assaults took place just weeks ago in the diamond-rich area of north-eastern Angola. The video, which contains harrowing scenes, was filmed on April 21, 2016 in the Dambi area of Cafunfo in the northeastern province of Lunda-Norte.  In unsparing detail, it shows the guards using machetes to intimidate, beat […]

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