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…
Should raw milk sales be banned or should consumers decide?
Swiss food regulations do not allow raw milk to be sold for direct consumption. However, a loophole allows 400 raw milk vending machines to do just that.
Is reforming the Swiss pension system still possible, and if so, how?
Solutions still need to be found to meet the challenge of an ageing population and to improve the pensions of low-paid workers, the majority of whom are women.
Poll suggests Donald Trump has many fans in Switzerland
This content was published on
Around a quarter of Swiss citizens would vote for Donald Trump if they had the chance, according to a recent poll. This percentage is higher than in many other European countries.
Swiss court rejects special assistance for student with disabilities
This content was published on
The Swiss Federal Court has rejected an application for special assistance from a student with disabilities at the federal technology institute ETH Zurich.
Police arrest 15 drug dealers in Verbier in southern Switzerland
This content was published on
Swiss and French police have arrested 15 suspected drug dealers operating in the mountain resort of Verbier in southern Switzerland.
New European space tech centre in Switzerland launches its first project
This content was published on
The European Space Deep-Tech Innovation Centre (ESDI), launched in collaboration with the Paul Scherrer Institute (PSI), is to be located in the immediate vicinity of the PSI in northern Switzerland.
Swiss Federal Railways launches campaign for safety on public transport
This content was published on
The Swiss Federal Railways is launching a campaign for greater respect and safety on public transport, with posters to go up in stations and on trains starting next week.
Swiss scientists to use AI for improved weather and climate forecasts
This content was published on
MeteoSwiss and the Swiss Data Science Center have signed a four-year agreement to make greater use of AI in meteorology and climatology going forward.
This content was published on
Prices of owner-occupied homes rose in the third quarter of 2024 by 0.5%, with inflation affecting both apartments and single-family houses, says the Federal Statistical Office.
This content was published on
The honey harvest is projected to be lower than usual this year, as Swiss beekeepers report harvesting an average of just 16kg of honey per bee colony.
More young refugees in Switzerland following vocational training
This content was published on
More than half of young refugees and temporarily admitted persons between the ages of 16 and 25 are now in training. This is significantly more than five years ago.
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.