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World

REUTERS
January 12, 2018

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Son of Angola’s ex-president gets the sack

Son of Angola’s ex-president gets the sack

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. Like many oil-rich nations, Angola created a sovereign wealth fund to invest the proceeds of the nation's petroleum riches. The fund was launched in 2011 and has $5 billion (4.2 billion euros) under management.

A long-standing pillar of the regime, Angola´s new president had promised to distance himself from the dos Santos clan during his successful campaign ahead of the August 23 poll. Jose Eduardo dos Santos´ daughter Isabel also held a key position at the top of the country's all-powerful industry but also fell foul of Lourenco.

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