Angola: Ex-president’s son charged with fraud

March 27th, 2018

The son of Angola’s former President Jose Eduardo dos Santos has been charged with fraud over an alleged illegal transfer of $500m while he was in charge of the country’s sovereign wealth fund, prosecutors said.

Jose Filomeno dos Santos is accused of “fraud, misappropriation of funds, money laundering and associating with criminals,” deputy chief prosecutor Luis Benza Zanga told a media conference on Monday.

Nicknamed “Zenu”, Filomeno dos Santos was appointed to head the $5bn oil-fuelled sovereign fund by his father in 2013, but then was sacked byPresident Joao Lourenco, who took power in January.

Former Central Bank Governor Valter Filipe da Silva was charged alongside Filomeno dos Santos, Zenga added.

The suspect transfer was made from the fund’s account with the central bank to a London branch of Credit Suisse, but the money was later returned to Angola.

A judge ordered that the two accused be released on bail and forced to surrender their passports.

“There is no leeway for this crime, even if the money has been returned to our country. We’ll see this inquiry through – there will be no excuses,” said Zenga.

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