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World

AFP
January 12, 2018

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Son of Angola’s ex-president sacked from national investment fund

Son of Angola’s ex-president sacked from national investment fund

LUANDA: Angolan President Joao Lourenco removed the son of his predecessor Jose Eduardo dos Santos from the top job at the oil-rich country’s sovereign wealth fund, the presidency said on Wednesday. Jose Filomeno dos Santos, who was implicated in the “Panama Papers” offshore scandal, will be replaced by former finance minister Carlos Alberto Lopes. Last year’s “Panama Papers” revelations showed how the world’s wealthy used a discreet Panamanian legal firm to stash assets offshore. The investment fund under Dos Santos Jr’s control has been shown to have transferred tens of millions of dollars to businessman Jean-Claude “Zenu” Bastos de Morais to run the organisation.

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