ANGOLAN BANK’S SHOCKING SCANDAL: MILLIONS WASTED ON QUESTIONABLE PROPERTY DEALS

A Massive Scandal Uncovered

Luanda - An investigation has revealed a massive scandal involving Angola’s Bank for Economic and Social Development (BESA) and its questionable dealings with state-owned company Escom. The bank is accused of granting millions of dollars in loans to shell companies, which were then used to buy properties at inflated prices.

Questionable Loan Practices

According to documents obtained by Maka Angola, BESA granted credit to several shell companies, including Prismódico, Urbanlab, Casota, and Schemata, to acquire properties from Escom. The bank allegedly valued the properties at exorbitant prices, with some lots and apartments being sold for tens of millions of dollars more than their actual worth.

Fraudulent Transactions

The investigation has raised serious questions about the integrity of BESA’s loan practices and its relationship with Escom. “This is a clear case of fraud,” said a legal expert who wished to remain anonymous. “BESA knew that these companies were shells, but they still chose to grant them loans without proper due diligence.”

Examples of Irregular Transactions

• Prismódico bought a plot of land in Talatona for $117 million, allegedly valued at $171 million, despite having several outstanding debts and disputes with customers.
• Urbanlab bought a 32,291 square foot lot in the Condominium Quinta Rosalinda from Escom for $54 million. Documents obtained by Maka Angola show that Escom had previously reported making a down payment of $10 million and still owed $21 million on the property.

Pattern of Irregularities

The investigation has also uncovered a pattern of irregularities in the transfer of shares and properties between BESA, Escom, and the shell companies. In many cases, there were no contracts or documents to support the transactions, leading experts to conclude that they were likely fraudulent.

Estimated Losses

The total loss to BESA as a result of these dealings is estimated at $518.5 million. The bank has yet to comment on the allegations, but it has issued a statement denying any wrongdoing.

BESA’s Response

“We take these allegations very seriously and are committed to transparency and integrity in all our transactions,” said Proprime, the company responsible for evaluating the properties, in a statement.

Expert Opinion

However, experts say that the evidence suggests otherwise. “This is not just about BESA or Escom; it’s about a culture of corruption that pervades many sectors of Angolan society,” said the legal expert.