The Portuguese Central Department of Investigation and Criminal Action (DCIAP) has opened a fresh investigation against Angolan businessman Alvaro Sobrinho for embezzling millions of dollars in cash from Banco Economico Angola, one of Angola’s largest financial services firms.
According to Eco, the Angolan billionaire was accused of stealing more than €350 million ($387 million) from BES Angola (now Banco Economico) out of a total of €400 million ($442 million) that benefitted a group of defendants, including Amlcar Morais Pires and former banker Ricardo Salgado.
This is part of the Banco Economico investigation launched by the DCIAP, an investigation that is looking into an irregular concession of about €6 billion ($6.6 billion) between 2009 and 2013.
The newly opened criminal probe by the Lisbon-based criminal investigation team is also related to Escom’s founder, Helder Bataglia, who was the administrator of the Angola-based bank to its bankrupt parent firm, Banco Espirito Santo, a Portuguese bank that was liquidated in 2016.
Despite disputing the DCIAP’s charges, the Central Criminal Investigation Court ordered the Portuguese-Angolan businessman to pay a €6-million ($6.64 million) security deposit. The court also took Sobrinho’s passport, believing that he was at risk of fleeing.
Sobrinho has recently been subjected to a period of identity and residency, and his defense counsel announced that Sobrinho will fight the coercive tactics used.
Prior to the DCIAP’s recent court action and investigation, the Angolan businessman, who played a crucial part in the establishment of Banco Economico, had previously been charged in the BESA case of aggravated fraud, breach of trust and money laundering.
In 2015, he was linked to a $5.7-billion fraudulent loan scheme that accounted for 80 percent of the bank’s debt portfolio.
Following the failure of Banco Espirito Santo in 2016, Sobrinho was able to overcome the accusations and has continued to seek compensation.
