Disgraced Portuguese-Angolan billionaire businessman Carlos Sao Vicente has suffered a major legal setback in Singapore as the High Court rejected his bid to release $2.6 million from his Bank of Singapore account.Â
Sao Vicente had sought access to the funds to cover his mounting legal expenses in Singapore, Switzerland, and Angola, as well as representation before international organizations.
However, Justice Vincent Hoong expressed concerns about the true extent of Sao Vicente’s wealth due to the complex web of international transfers and assets involved.
The judge highlighted that Sao Vicente had failed to disclose or explain the existence of a personal bank account in the United Kingdom, which held over €18 million (S$26 million).
Moreover, the Commercial Affairs Department (CAD) had already seized Sao Vicente’s main account, which held more than $558 million, on Feb. 19, 2021.
Additionally, two other accounts belonging to his wife and son were frozen – Irene’s account contained over $5 million, while Ivo’s account held $10.5 million.
Sao Vicente was sentenced to nine years in jail in Angola for embezzlement, money laundering, and tax fraud.
Angolan authorities have accused him of siphoning hundreds of millions of dollars from business dealings with foreign oil companies during the presidency of the late Jose Eduardo dos Santos.
The Portuguese-Angolan businessman maintains his innocence and was detained in 2020 when Angolan authorities froze $900 million of his assets held in Swiss bank accounts.
At the height of his wealth, Sao Vicente’s fortune exceeded $1 billion.
He held significant control over multiple companies across Angola, Britain, Bermuda, and Portugal.
Sao Vicente served as the chairman and CEO of AAA Seguros, a leading co-insurance firm in Angola’s oil industry, and held a managing director position at the state oil company, Sonangol, from 2000 to 2016.
Hoong suggested that Sao Vicente should explore the option of seeking financial support from his family, as they had access to assets gifted by him.
The judge emphasized that there was substantial evidence indicating that São Vicente’s family members possessed sufficient funds to cover his legal expenses without causing undue hardship.
The ruling represents a significant blow to Sao Vicente’s legal defense, as he faces mounting legal bills and a lengthy prison sentence.
Sao Vicente’s case highlights the risks of complex international financial dealings and underscores the importance of transparency and disclosure in financial transactions.
