by on September 26, 2018

Police in Angola on Monday arrested the son of former president Jose Eduardo dos Santos, over a corruption case involving the alleged illegal transfer of $500 million of public funds to a British bank, according to a report by Bloomberg.


The transfer later sailed through, this time allegedly via an HSBC Holdings plc account in the United Kingdom, Bloomberg reported, quoting the Angolan prosecutor general Alvaro Da Silva Joao.

“The evidence gathered resulted in sufficient indications that the defendants have been involved in practices of various crimes including criminal associations, receipt of undue advantage, corruption, participation in unlawful business, money laundering, embezzlement, fraud among others,” he said.

Angola’s Finance Ministry says dos Santos, who was head of the country’s $5 billion wealth fund, disguised the transfer as a project aimed at attracting investment in Angola with the help of a fake guarantee from a bank in Europe.

Posted in: Africa
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