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Ex-President's son planned to siphon off $1.5bn – claim

Publish date: 16 April 2018
Issue Number: 769
Diary: IBA Legalbrief Africa
Category: Angola

The son of Angola’s former President Jose Eduardo dos Santos planned to siphon off $1.5bn when he ran the oil-rich country’s sovereign wealth fund, the Finance Ministry has claimed. A report on The Citizen site notes that the figure is three times higher than an initial sum illegally transferred to a London bank. Jose Filomeno dos Santos is accused of 'fraud, misappropriation of funds, money laundering and associating with criminals'. He was appointed to head the $5bn oil-fuelled sovereign fund by his father in 2013 but then was sacked by President Joao Lourenco, who took power in January this year. Former central bank Governor Valter Filipe da Silva has been charged alongside Filomeno dos Santos. He has vowed to 'co-operate' with the authorities.

Full report on The Citizen site