Angolan State Oil Producer Uncovers $50 Billion Hole,

Angola will investigate reports of a $50 billion shortfall in the accounts of the state-run oil company, local newspaper Valor Economico reported, citing unidentified people close to international consultants hired to restructure the company.

The assessment uncovered “discrepancies” between the funds received and invested and showed that the company had withheld revenue to the government, according to Valor’s report published on Monday. Some of Sonangol’s assets were overvalued and contracts weren’t negotiated in the best interest of the state, according to the newspaper.\

Read more

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Powered by

Up ↑