Angola’s Former Leader Ordered $500 million Funds transfer

Angolan President and MPLA leader, Jose Eduardo dos Santos attends a party central committee at a meeting in Luanda, Angola, December 2 ,2016. REUTERS/Herculano Coroado – RC1FBB1D4050

In a statement that may help the defense of one of his sons who is standing trial for money laundering, Angolan President, Jose Eduardo dos Santos has disclosed that he ordered a $500-million transfer from the central bank to an overseas account before stepping down.

The former president’s two most high-profile children are under increased scrutiny from prosecutors probing how they amassed their wealth during their father’s 38-year rule.

While the 77-year-old former leader is immune from prosecution until 2022, his daughter, Isabel was named last month as a suspect in an investigation over alleged mismanagement at state oil company, Sonangol.

In 2018, his son Jose Filomeno, alongside former central bank Governor, Filipe da Silva and two others, were accused of crimes including participation in unlawful business, money laundering, embezzlement and fraud for the money transfer to a U.K. account in 2017. Their trial began in December last year.

Your Friends Also Read:  Namibia plans to auction wild animals to raise money for conservation

According to Jose Eduardo dos Santos, the transfer was needed to set up a strategic investment fund and finance Angola’s ailing economy.

Former head of Angola’s $5 billion sovereign wealth fund, Jose Filomeno says the trial is politically motivated while the country’s former central bank governor, Filipe da Silva has denied any wrongdoing, saying he was just following presidential orders.

It was meant to be the first of three transfers totaling $1.5 billion.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.
Your Friends Also Read:  Ethiopian Airlines CEO says anti-stall system may have activated crash



Leave a Reply

Previous Article
President Salva Kiir and rebel leader Riek Machar pledge to power-sharing deal

President Kiir, Machar agree to form South Sudan unity government on Saturday

Next Article

Absa Kenya signs almost 5 million customers on virtual platform

Related Posts
Powered by Live Score & Live Score App