Paradise Papers: Head of Angolan Wealth Fund Dismissed

The president of Angola fired the head of the country’s wealth fund, José Filomeno Dos Santos, after he was named in the Paradise Papers for investing the country’s capital into ventures of personal interest via his friend’s firm, Quantum Global, The Guardian reported Thursday.  

National Assembly Building (Photo: David Stanley, CC BY 2.0)Dos Santos was appointed to the board of the wealth fund by his father, the former president of Angola six years ago. Following his appointment, Dos Santos contracted Quantum Global, whose owner is his close friend, Jean-Claude Bastos to manage the fund’s capital, without competitive tender.

Prior to his appointment to the board, Dos Santos was the director of an investment bank owned by Bastos.

Quantum Global has denied that the personal relationship with Dos Santos played a role in their partnership.

The leaks revealed documents from law firm Appleby, which showed that

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