The African Jotter

U.K. okays return of frozen U.S.$500 million to Angola

Millions of dollars frozen in the U.K. will be returned to Angola as part of an on-going investigation into a potential fraud case against the country’s Central Bank.

The U.K.’s National Crime Agency took the decision to return the U.S.$500 million, saying the necessary permission had been obtained for the return of the money.

“The necessary authority has now been provided for the monies to be returned to the Angolan Authorities,” Reuters news agency quotes NCA.

Last week, Angolan prosecuters were reported to have charged former Central Bank governor, Valter Filipe da Silva, in relation to the alleged fraud.

The alleged fraud was reported to have taken place in 2017, in the last weeks of José Eduardo dos Santos’ presidency.

Current President Joao Lourenco pledged to rid the southern African country of corruption upon taking office.

The country is under increased scrutiny since it was revealed, in the Paradise Papers leak, that its national sovereign wealth state has paid tens of millions in fees to a businessman, who works closely with dos Santos’ son, Jose Filomeno.

Angola is Africa’s second-biggest oil producer but its economy has been hit by a drop in oil prices.