Wednesday, October 28, 2020

Africa’s billionaire Isabel dos Santos corruption scandal links PwC executive

-

A top PWC executive has left the firm after revelations of PwC links with Isabel Dos Santos, who is under investigation for corruption.

PWC declined to comment on the departure and says it has launched its own investigation.

Ms Dos Santos, one of Africa’s richest women, has said the allegations are a part of a political witch-hunt.

The BBC reported how PWC helped Ms Dos Santos with auditing, consultancy and tax advice for her companies.

- Advertisement -

Ms Dos Santos got access to lucrative deals involving land, oil, diamonds and telecoms when her father was president of Angola, a southern African country rich in natural resources.

More than 700,000 leaked documents about the billionaire’s business empire obtained by BBC Panorama show how she and her husband were allowed to buy valuable state assets in a series of deals.

The former president’s daughter has made the UK her home and owns expensive properties in central London.

She is under criminal investigation by the authorities in Angola for corruption and her assets in the country have been frozen.

‘Very serious allegations’

- Advertisement -

Jaime Esteves was the head of tax at PWC in charge of Portugal, Angola and Cape Verde before leaving the firm.

PwC in Portugal, Angola and Cape Verde has 1,500 staff and 42 partners, with 26 partners in Lisbon, 12 in Oporto and 4 in Luanda.

The auditing firm told the BBC: “In response to the very serious and concerning allegations that have been raised, we immediately initiated an investigation and are working to thoroughly evaluate the facts and conclude our inquiry.

“We have also taken action to terminate any ongoing work for entities controlled by members of the dos Santos family.

“We will be working with our member firms to ensure adherence to the policies we have in place for taking on and maintaining all client relationships and will examine our policies for any necessary improvements.”

Source: bbc.co.uk

MUST READ

Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Former Harris County deputy constable pleads guilty to transporting drug money and heroin

A former Harris County deputy constable and her husband pleaded guilty Wednesday to charges of conspiracy to possess with intent to distribute heroin, according...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Berkshire Hathaway to pay $4.1m to settle Iran sanctions violation

Berkshire Hathaway Inc. has agreed to pay roughly $4.1 million to settle allegations that a Turkish subsidiary violated U.S. sanctions on Iran. The U.S. Treasury Department on...

Australian court approves $920 million Westpac money laundering fine

The Federal Court of Australia has agreed on the deal struck between the Australian Transaction Reports and Analysis Centre (AUSTRAC) and Westpac, ordering the Australian...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks