Financial Crime World

Embezzlement and Money Laundering in Angola: A Complex Web of Corruption

Jeosat Angola: The Construction Company at the Center of the Scandal

Jeosat Angola, a construction company registered in the British Virgin Islands, is at the heart of a massive embezzlement and money laundering scheme involving several individuals and companies in Angola. Here are some key points about Jeosat:

  • Loan from BESA: In 2009, Jeosat received a loan of $20 million from BESA, an Angolan bank owned by the Espírito Santo group.
  • Questionable Transactions: A BESA bank statement shows a credit of $309.8 million entering the account on the same day as the loan to Jeosat, with 301.6 million being debited as an internal transfer for “amortization of debt.”

Sobrinho’s Accounts: A Suspicions Banker

Sobrinho, a senior executive at BESA, has been implicated in the scandal due to his involvement with Credit Suisse:

  • Opening Multiple Accounts: In December 2009, Sobrinho opened three accounts at Credit Suisse.
  • Large Deposits: By April 2010, one of the accounts contained over $72 million.
  • Denial of Knowledge: Sobrinho has denied any knowledge of the funds and claimed that questions about his accounts had been “publicly investigated by Swiss authorities since 2012.”

Investigations: Uncovering the Truth

The Angolan Ministry of Finance and Central Bank have not commented on the sovereign guarantee, while Portuguese prosecutors are investigating the embezzlement and money laundering at BESA:

  • Transparency International’s Perspective: Karina Carvalho, director of Transparency International in Portugal, believes that “BESA was used to fund the Angolan kleptocracy” and that no one is accountable.
  • Cultural Blame: Rodrigues blames a culture of corruption among Angolan politicians for the siphoning off of housing funds.

The case highlights the complexity of embezzlement and money laundering schemes, often involving multiple individuals and companies. While Sobrinho denies any knowledge of the funds, his accounts at Credit Suisse raise suspicions, and ongoing investigations into BESA and its parent company continue to uncover more evidence of wrongdoing.