Financial Crime World

Angola Investigates BESA Transactions Amid Allegations of Fraud

Maka Angola has been investigating a series of transactions involving Banco de Fomento África (BESA) and several shell companies associated with Escom. The investigation suggests that these companies may have engaged in fraudulent activities, including misrepresenting the value of properties, hiding debts, and using fake documents to obtain loans from BESA.

Five Notable Cases of Alleged Fraud

The investigation has highlighted five specific cases of alleged fraud:

Prismódico - US $117 million

  • BESA granted credit to this shell company to acquire apartments from Escom in the Aquaville Condominium in Talatona.
  • However, the property could not be sold as a complete unit due to several problems, including delays in completion of the work and disputes with customers.

Urbanlab - US $82 million

  • Of the amount granted to Urbanlab, it bought the world’s most expensive 32,291 square foot lot in the Condominium Quinta Rosalinda from Escom for US $54 million.
  • However, the transaction lacked several legal documents, including a contract for the assignment of the land and a building permit.

Casota - US $53 million

  • The bank loan was used to acquire a plot of land in Talatona and 33 percent of the company Imolap – Sociedade Imobiliária Lar do Patriota, Lda., which belongs to Escom.
  • However, the following information on the land was also non-existent:
    • Contract for the assignment of the land
    • Land registry certificate
    • Location sketch
    • Building permit
    • Architectural and engineering projects

Schemata - US $6.5 million

  • Thirty five percent of the capital of two ghost companies of Escom’s – Turizaire and Zaimob – were acquired for a total value of USD $5.37 million and USD $377,000.
  • The remaining USD $231,000 served as commission.

The legal counsel who prefers anonymity believes that all parties involved in these transactions could have committed the crime of fraud “foreseen and punishable by articles 450 and following of the Angolan Penal Code”.