Thu 23 Jan 2020, 05:32 AM | Posted by editor
LETTER by Mark Langabeer, Newton Abbot Labour Party member
Panorama’s reporter, Richard Bilton investigated the financial dealings of the daughter of Angola’s former President. Described as Africa’s richest women, Isabel dos Santos resides in London and has the lifestyle of the super rich. Bilton argues that her wealth is a result of corruption, rather than from her own efforts.
The story begins with the sale of land by the Angola Government. Angolans were forcibly evicted in an area of Luanda, the capital. The area was redeveloped for the building of luxury apartments for which Isabel was a developer. Angola’s state owned Oil Company, Sonangol, sold 40% of shares to a Portuguese company called GALP. She was a direct beneficiary and then she was appointed the head of Sonangol.
Another important export is diamonds. It was reported that the state lost $1bn as diamonds were sold on the cheap. The deal was arranged by her husband and involved a major Swiss company called de Grisogono. Dos Santos also had 25% of shares in the Angolan mobile phone company, Unitel. It was reported that she made $1 bn in dividends.
Tom Keatinge, a financial expert, explained that a British accountancy company called PWC oversaw the corrupt financial dealings of dos Santos that gave her a veneer of respectability. Her father stepped down as President in 2017 and the new government sacked her as head of Sonangol. An investigation has been launched by the new Angolan president into her financial activities.
It is a story of nepotism and corruption by a ruling family and of the enormous enrichment that can flow from the plundering state assets. It is not just individuals but the system which should stand accused of corruption. In Britain, all the former state owned companies were sold for a song and huge profits were made by a tiny elite. Labour should re-nationalise those privatised companies with compensation based only on proven need.
It is not insignificant that dos Santos has chosen to make her home in London, a city that is awash with dirty money. The government knows it, the big banks know it, the City finance houses know it, but deliberately nothing is done about it.
