Head of Angola's wealth fund fired after Paradise Papers revelations

[Eugene]

Source: The Guardian

Head of Angola's wealth fund fired after Paradise Papers revelations

Leaked files showed José Filomeno Dos Santos appointed friend’s firm to manage fund, who then invested in own ventures

David Pegg
Thu 11 Jan ‘18 17.49 GMT

Angola’s president, João Lourenço, has sacked the head of the country’s sovereign wealth fund, two months after he was named in connection with the Paradise Papers.

José Filomeno Dos Santos, the son of Lourenço’s predecessor, was fired six years after he was made chairman of the board of the Fundo Soberano De Angola (FSDEA) by his father.

Leaked files from the offshore services firm Appleby revealed how Dos Santos appointed a firm belonging to his friend, Jean-Claude Bastos, to manage the fund’s capital – who then invested hundreds of millions of dollars in ventures in which he held a personal interest.

One of the transactions was facilitated by Appleby despite the firm being aware of a serious conflict of interest. Appleby has insisted it did nothing wrong.

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Read more: https://www.theguardian.com/news/2018/jan/11/head-angola-wealth-fund-fired-paradise-papers-revelations

[annabanana]

1. There should be SO MUCH MORE FALLOUT over these papers.

They spell out exactly who the biggest thieves in the World are.