January 11, 2018

The President of Angola João Lourenço has sacked José Filomeno Dos Santos, the son of former president Dos Santos, from the country’s sovereign $5bn wealth fund.

The president said he was replacing José Filomeno dos Santos after an external inquiry into the fund’s governance.

Mr Lourenco had recently indicated that there might be changes in the leadership of the fund, depending on the results of an external inquiry into its performance and governance.

On Wednesday Lourenco named Carlos Alberto Lopes, a former finance minister as the new chairman of the board of the fund – Fundo Soberano De Angola (FSDEA).

Fundo Soberano De Angola (FSDEA) has been under increased scrutiny since it was revealed in the Paradise Papers leak that it had paid tens of millions in fees to a businessman who works closely with José Filomeno.

Picture courtesy of Angop.

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