Controversial investor Jean-Claude Bastos detained in Angola
Angolan authorities estimate the scam allowed the accused to embezzle up to $1.5 billion from the nation's coffers.
Keystone
According to agency reports, the Angolan-Swiss boss of the Zug-based fund Quantum Global has been placed in detention on suspicion of embezzling national funds.
This content was published on
2 minutes
Keystone-ATS/ac
Português
pt
Preso em Angola o controverso investidor Jean-Claude Bastos
Bastos was named in the “Paradise Papers” revelations and until recently managed the Angolan sovereign wealth fund. His boss Jose Filomeno dos Santos, former head of the Angolan sovereign wealth fund and son of the former President Jose Eduardo dos Santos, has also been placed in detention. dos Santos was dismissed from his post last January by Angola’s new president, Joao Lourenço.
Angola’s Prosecutor General Alvaro Da Silva Joao said the accused were placed under preventive detention on Monday because there was sufficient evidence that they had engaged in corrupt activities.
Embezzlement charge
According to the Angolan Ministry of Finance, dos Santos is suspected of having developed, while running the Angolan sovereign wealth fund (Fondo Soberano de Angola), a massive scam that could have enabled him and his accomplices to embezzle up to $1.5 billion (CHF1.4 billion).
This scam was part of a plan that would allow Angola to benefit from $35 billion in financing, with a false guarantee from the Credit Suisse bank, reports say. The fraud was discovered through a suspicious transfer of $500 million to the London account of Credit Suisse, blocked by the British authorities.
The Swiss Attorney General’s Office announced in May that it had opened an investigation concerning “money laundering” linked to assets held by the Angolan National Bank and the Angolan sovereign wealth fund. Several searches were ordered, including Bastos’ offices in Switzerland.
More
More
Swiss investigating money laundering linked to Angolan funds
This content was published on
The attorney general has opened criminal proceedings against unknown persons on suspicion of money laundering, his office told financial news agency AWP on Thursday. The statement confirms information published on Wednesday in several Swiss papers. The criminal proceedings are linked to possible offences against the assets held by the Angolan National Bank and the Angolan…
Train vs plane: would you take a direct train between London and Geneva?
Eurostar is planning to run direct trains from Britain to Germany and Switzerland from the early 2030s. Would you favour the train over the plane? If not, why not?
ETH Zurich remains best university in continental Europe
This content was published on
Swiss universities have once again fallen slightly behind in international comparison. In the annual university rankings, they recorded slightly more losses than gains overall. However, three Swiss universities are among the 100 best in Europe.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Attorney generals pledge to pursue Angola fund probe
This content was published on
Justice ministry officials from Switzerland and Angola have discussed closer cooperation in a major international case of suspected corruption.
This content was published on
A spokeswoman for the Federal Prosecutor’s Office confirmed to swissinfo.ch that the complaint had arrived by post on Wednesday. The basis for the complaint is new information contained in a report released on Tuesday by a British organisation, Corruption Watch UK, and Angolan anti-corruption group Mäos Livres. An earlier Swiss criminal investigation into the affair…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.