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

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.

The management of the country’s sovereign wealth fund was one focus of the Paradise Papers investigation. It

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