Financial Crime World

Espírito Santo, Angola: A Web of Corruption Exposed

A recent report by OCCRP has revealed a complex web of deceit and mismanagement involving high-ranking officials and businessmen in Espírito Santo, a region in Angola. The investigation uncovered an international reputation for corruption and embezzlement, with BESA, a construction company allegedly linked to Angolan President José Eduardo dos Santos’ family, at the center of the scandal.

The Scandal Unfolds

  • BESA received millions of dollars in loans from European banks despite having no clear plans for the project.
  • Jeosat, BESA’s Angolan subsidiary, was loaned $20 million by BESA in August 2010, but it is unclear where this money ended up.

Suspect Bank Transactions and Offshore Accounts

  • Sobrinho, a key figure in the BESA scandal, has been linked to a series of suspect bank transactions and offshore accounts.
  • One account, opened at Credit Suisse, contained over $72 million in 2010. All but one of these accounts are under investigation by Portuguese prosecutors.

Denials and Evidence

  • Sobrinho has denied any wrongdoing, claiming that he was simply doing business with international financiers. However, OCCRP has uncovered evidence suggesting otherwise.
  • When questioned about the funds, Sobrinho claimed they were not related to the Jeosat project and denied knowledge of any meeting with Weyhill, a financier involved in the project.

Calls for Accountability

  • Transparency International’s director in Portugal, Karina Carvalho, has described BESA as “a tool for the Angolan kleptocracy” and called for accountability.
  • The scandal has raised questions about the culture of corruption in Angola, where high-ranking officials have been accused of embezzling public funds.

Unanswered Questions

  • Who ended up with the millions of dollars in funds?
  • How were they used?

Conclusion

The BESA scandal has left many questions unanswered, including who ended up with the millions of dollars in funds and how they were used. As one investigator put it, “No one seems to care.” The investigation highlights the need for greater transparency and accountability in Angola to combat corruption and embezzlement.