Sobrinho’s Approval for Jeosat Offshore Company Turns into Control Nightmare

In a shocking turn of events, former BESA executive Sobrinho has revealed that he initially approved the creation of an offshore company bearing Jeosat’s name in 2009. However, what was meant to be a straightforward business venture soon turned into a control crisis.

Background

According to reports, Sobrinho claimed that Jeosat opened an account at BESA due to the bank’s international reputation. He also stated that no fee or commission was received for its work and that the housing project did not proceed as international financial institutions refused to fund it.

Documents Reveal a Different Story

Documents obtained by OCCRP have revealed a different story. An internal bank statement shows a $20 million loan being made to Jeosat’s BESA account in August 2010, which was immediately transferred out to an unknown beneficiary. Another statement reveals a credit of $309.8 million entering the bank on the same day, earmarked for Jeosat.

Suspicious Transactions

Sobrinho declined to comment on the funds earmarked for Jeosat, fueling suspicions that he may have had more control over the offshore company than initially thought.

Allegations of Embezzlement and Money Laundering

The controversy surrounding Jeosat has led to allegations of embezzlement and money laundering. In 2013, Angola’s intelligence services found that high-ranking personalities had transferred Jeosat’s money through foreign financial institutions in Europe and set up fictitious accounts.

Denials and Investigations

Sobrinho has denied any wrongdoing, stating that he knew nothing about the meeting in Zurich where the offshore company was discussed. He also claimed that his Credit Suisse accounts were publicly investigated by Swiss authorities since 2012. Credit Suisse declined to comment on specific questions about clients, citing its responsibility to adhere to high standards and comply with all laws and regulations.

Outrage Among Anti-Corruption Groups

The case has sparked outrage among anti-corruption groups, who claim that the culture of corruption in Angola is responsible for the siphoning off of housing funds. Transparency International’s Karina Carvalho has called for accountability, saying that no one seems to care about the misuse of funds.

Whistleblower Blames Corruption Culture

Rodrigues, a whistleblower who first raised concerns about Jeosat, blames a culture of corruption among Angolan politicians and claims that other officials likely benefited from the scheme.

Aftermath

As BESA fell apart in 2014, Angola’s guarantee of $5.7 billion of non-performing debts was withdrawn when Banco Espírito Santo also went bust. The auditing firm KPMG had little idea who ended up with the money.

Call for Greater Transparency and Accountability

The case has highlighted the need for greater transparency and accountability in financial transactions. As the investigation continues, one thing is clear: the truth behind Jeosat’s offshore company will only come to light when all parties involved are held accountable.