Search Results for: FACRA

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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Stealing from Angola’s Sovereign Fund Was This Easy

Angola’s national bank seems to have been looking the other way when the President’s son and his friend used a bank and several ‘shell’ companies to steal US $100 million, one of many schemes they put in place to loot Angola’s Sovereign Fund. As everyone now knows, then-President José Eduardo dos Santos put his son, José Filomeno dos Santos (Zenú) in charge of Angola’s Sovereign Fund. In turn, Zenú put his close friend and business associate, Jean-Claude Bastos de Morais, in charge of managing the Sovereign Fund monies. The two already face charges of theft and money-laundering in connection with an attempted $250 million dollar embezzlement from the Sovereign Fund. One by one, more instances of their criminal conspiracy to defraud the Angolan public purse continue to emerge. Three years ago, Maka Angola learned that the equivalent of USD $100 million had been transferred out of Angola’s Sovereign Fund on […]

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The Angolan Sovereign Fund and the Arch-Fraudster

When historians come to write the unexpurgated story of corruption in Angola, the chapter on how dual Swiss-Angolan national Jean-Claude Bastos de Morais enriched himself from the Angolan Sovereign Fund is sure to be a page-turner. Bastos de Morais is the silent partner of the former Sovereign Fund’s chairman, José Filomeno dos Santos (Zenú), the hitherto-untouchable son of former President José Eduardo dos Santos who turned Angola into a kleptocracy during 38 years in power. The US $5 billion Sovereign Fund was created to stimulate economic diversity – a hedge against the future when Angola’s rich oil reserves run out. Zenú and his buddy Jean-Claude are alleged to have treated the Sovereign Fund as their personal piggy bank and both face charges of fraud and money-laundering. Zenú’s father used also set up the Angolan Venture Capital Fund (in Portuguese: Fundo Activo de Capital de Risco Angolano, FACRA) in 2012. Under […]

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Angola’s Sovereign Fund Pays US $100 Million to a Shell Company

On 22 January 2015, Angola’s Sovereign Wealth Fund (FSDEA) transferred the sum of 9 948 750 000 kwanzas (equivalent at the time to US$100 million) to the company Kijinga S.A. This company is nothing more than a shell company set up as a front for shady transactions by Banco Kwanza Invest (BKI), a bank created by the 36-year-old José Filomeno dos Santos “Zenú”, the current chair of the FSDEA and the son of the President of the Republic. Kijinga S.A. shares an office with BKI at 150 Avenida Comandante Jika, next to the Maternity Hospital in Luanda. This address has only one business door, which opens into a small waiting room where there is a reception area and two chairs for visitors. One of these chairs is usually occupied by a security guard, in addition to the guard on duty outside the door. The windows are darkened glass, which does […]

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