Angola Recovers $11 Billion Worth of Looted Assets from Around the World

In a major breakthrough, Angola’s authorities have recovered assets worth over $11 billion that had been looted from state coffers and stashed in countries around the globe. The massive haul includes cash and property seized in Angola and abroad, with a total value of $11.486 billion, announced Justice Minister Francisco Queiroz on Thursday.

Background

The recovery of looted funds is a significant step forward for Angola, which has struggled to address widespread corruption and poverty since the end of Jose Eduardo dos Santos’ 38-year presidency in 2017. Dos Santos, now 79, is accused of appointing relatives and friends to top positions during his rule, allowing them to siphon off Angola’s oil wealth and leave the country mired in poverty.

Anti-Corruption Drive

The anti- corruption drive launched by President Joao Lourenco after taking office has led to several high-profile arrests and seizures of stolen assets, marking a significant shift towards greater transparency and accountability in Angola’s government. The efforts have yielded nearly $11.5 billion in recovered assets, with 715 criminal prosecutions launched for corruption, fraud, embezzlement, and other financial crimes since the government’s anti-corruption drive was launched three years ago.

Countries Involved

Assets were seized in several countries, including:

• Britain
• Switzerland
• Singapore
• Bermuda

Notable Case

Isabel dos Santos, the daughter of former President Jose Eduardo dos Santos, is currently under investigation for allegedly funneling state funds into offshore assets. She denies the claim.

Impact

The recovery of looted funds is a major step forward in Angola’s fight against corruption and poverty. It marks a significant shift towards greater transparency and accountability in the country’s government, and demonstrates the commitment of President Lourenco to tackling corruption and ensuring that those responsible are held accountable.