Former CEO of Angola sovereign fund gets five years in jail

jail bars

The former CEO of Angola sovereign fund, Jose Filomeno dos Santos was sentenced to five years in prison by the supreme court on Friday.

Jose Filomeno dos Santos, son of former President Jose Eduardo dos Santos, was involved in an illicit transfer of 500 million U.S. dollars from the National Bank of Angola (BNA to an account in England, according to the supreme court.

The son of the former President dos Santos was one of the most prominent names in the well-known “Case 500 million,” which also involved the former governor of the National Bank of Angola, Valter Filipe, who was sentenced to eight years in prison.

The case dates back to August 2017, when the defendants started a scheme for the illegal transfer of 500 million U.S. dollars from the BNA to a bank account in England. The trial of the case started on Dec. 9, 2019 but was interrupted due to the COVID-19 pandemic.

Jose Filomeno dos Santos was appointed in 2012 to the board of directors of the national sovereign fund to which he became president in 2013. In January 2018, he was dismissed by Angolan President Joao Lourenco under his anti-corruption program.

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Former CEO of Angola sovereign fund gets five years in jail