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HomeNewsForeign NewsAngola Recovers Looted Assets Worth Over U.S.$11 Billion

Angola Recovers Looted Assets Worth Over U.S.$11 Billion

According to Justice Minister Francisco Queiroz, Angola has recovered assets worth more than US$11 billion that had been looted from state coffers and stashed in countries around the world.

According to Queiroz, who spoke to the state-owned Jornal de Angola, the authorities have launched 715 criminal prosecutions for corruption, fraud, embezzlement, and other financial crimes.

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President Joao Lourenco launched an anti-corruption campaign after taking office in 2017 to reclaim assets he suspected were embezzled during his predecessor, Jose Eduardo dos Santos’s administration.

José Filomeno dos Santos became the first member of the former first family to be prosecuted in 2020 as part of President Joao Lourenco’s anti-corruption campaign.

He was accused of stealing $500 million from the Sovereign Wealth Fund and depositing it in a Swiss bank account.

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Isabel dos Santos, Dos Santos’s billionaire daughter, was also investigated for a long list of crimes during her time at the state-run oil giant Sonangol, including mismanagement, embezzlement, and money laundering.

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