Search Results for: BPC

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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Isabel Spells Danger for Angolan Banks

When the United States warns of the risks of handing control of Angola’s banks to politically exposed people (i.e. President José Eduardo dos Santos, his family members, and the Generals who back him), this is not an idle warning. It’s because the USA know the President is planning to transfer control over the BFA (Banco de Fomento Angola) to his daughter, Isabel, and that once he does so, the Presidential group’s control over almost the entire Angolan banking system will be in place. How so? According to African Business Magazine’s list of Africa’s Top 100 Banks in 2015, the five largest banks in Angola were: Banco Económico (BE – Economic Bank), Banco Angolano de Investimentos (BAI – Angolan Investment Bank), Banco de Poupança e Crédito (The Savings and Credit Bank), Banco de Fomento de Angola (BFA – Development Bank of Angola) and Banco BIC (BIC – The International Credit Bank). […]

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Incompetence and Corruption Sinks Angola’s Development Bank

Angola’s state-owned banks, businesses and investment funds are all reportedly in trouble: either loss-making or on the brink of bankruptcy. The state oil giant, Sonangol, is floundering amid unpaid debts amounting to hundreds of millions of dollars; the crisis at the Credit and Savings Bank (the BPC, Banco de Poupança e Crédito) has led to a clean sweep of the board; and far from accumulating interest, the Angolan Sovereign Fund is losing hundreds of millions. The common denominator to their misfortunes is – according to the government – the disastrous plunge in oil prices. Not so, say economic analysts in Angolan and beyond. They say the drop in the price of oil simply uncovered factors that would send any business anywhere to the wall. The interruption to the flow of petrodollars made a continued cover-up of endemic corruption and incompetence impossible. All of a sudden their clandestine existence was revealed, […]

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The Tyrant’s Dilemma: Stay? No, Please Don’t

He promised he would step down. But the campaign has already begun to re-elect Angola’s President for the past 37 years. “Comrade President, please continue guiding the destiny of our country, asks the nation.” That’s the slogan plastered across the picture of a smiling José Eduardo dos Santos that has appeared on giant billboards in strategic locations across the capital, Luanda, in the past week. It’s all part of a public relations strategy aimed at persuading both Angola and the rest of the world that the increasingly tyrannical MPLA leader really ought to stay in power. Many Angolans were nourishing the faint hope that Dos Santos might be honorable and dignified enough to keep his word that he would voluntarily and peacefully retire from political life in 2018 (by which time he would have spent 39 years as President of Angola). Clearly they were deluded if they thought that a […]

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The Fate of Portugal’s BPI Bank Lies with Africa’s Richest Woman

One of Portugal’s largest and most venerable banks, the BPI Bank could be brought to its knees, not through bankruptcy or similar problems, but because its operations in Angola would be hamstrung if they lose their link to the Banco de Fomento de Angola (BFA). In the first six months of 2015, BFA operations made up 70% of BPI profits.  That shows the extent of the BPI’s dependency on this single financial institution in its Angolan operation.  And BPI’s partner in the BFA is none other than Unitel. Step forward Isabel dos Santos, billionaire daughter of Angola’s President Jose Eduardo dos Santos.  In other circumstances, it might be quite deliciously ironic to see a post-colonial African entrepreneur  – and a female to boot – take down a bank connected to the old boys’ club of Portugal’s well-heeled aristocracy (Santos Silva and Ulrich). In reality, it is much more complicated. Isabel dos Santos’s […]

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Guards on Trial After Being Jailed in ‘Cash Machine’

Fifteen soldiers from the Central Protection and Security Unit (DCPS) in the Military Bureau of the Angolan Presidency (Casa Militar) appeared in the Luanda Regional Military Court on Tuesday, accused of making a collective demand for better salaries and better living and working conditions. The charges follow an incident on 7 September last year, when 224 soldiers from the unit in question signed a petition addressed to the commander of the Presidential Guard Unit (UGP), Lieutenant General Alfredo Tyaunda, complaining of poor working conditions and salaries. The soldiers sent copies of the petition to the Military Judicial Police, the Military Prosecutor and the Chief of Staff of the Angolan Armed Forces (FAA). Besides demanding decent salaries, the soldiers claimed proper salary slips, and for their salaries to be paid directly into a bank. A group of five soldiers who spoke to Maka Angola, on behalf of the others, revealed that […]

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