Court Remands Angola Ex-President’s Son For $1.5bn Fraud

The son of Angola’s ex-president Jose Eduardo dos Santos was remanded in custody in a $1.5-billion corruption case, a state prosecutor said on Monday.

“Given the complexity and seriousness of the deeds and in order to guarantee an effective enquiry… the state prosecution service decided to apply a preventive detention measure to those accused” in the case, prosecutor-general Alvaro Da Silva Joao said in a statement.

Those targeted include the ex-president’s son, Jose Filomeno dos Santos, former head of Angola’s sovereign fund.

“The evidence assembled in the case constitutes sufficient evidence that the accused were involved in acts of corruption,” the statement added.

Also accused in the case is another former fund manager, Angolan-Swiss businessman Jean-Claude Bastos de Morais, the prosecutor said.

Jose Filomeno dos Santos, nicknamed Zenu, was appointed head of the $5-billion fund in 2013 by his father, president at the time.

Jose Eduardo dos Santos stepped down last year after dominating the country’s politics for nearly four decades.

He gave control of strategic sectors of the economy to close allies — including the state oil giant to his daughter Isabel.

The former president chose a successor from within his own regime, his former defence minister Joao Lourenco — in the hopes of ensuring a peaceful handover.

He also appointed loyalists to head the country’s security forces.

But Lourenco quickly moved to assert his authority after being elected president last year, beginning to dismantle his predecessor’s empire.

Promising to reboot the economy, Lourenco deposed dos Santos’s daughter from the top job at Sonangol and fired “Zenu” from the leadership of the sovereign wealth fund.

READ ALSO:  Exposed! Chinese Company Which Specializes In Defrauding Nigeria's Economy

The son was charged in March this year with misappropriating public funds.

Author Signature for Posts

Facebook Comments

Let Zebra News help your business/brand reach a wider audience. Advertise with us today! Contact Our Marketing Team; Tel: 08062622328, 07083662767. Email: zebranewsng@gmail.com