Africa Monitor

Africa Monitor Intelligence

Angola: Links to Ministry of Finance Allow Banco Keve to Raise Foreign Exchange from Oil Revenue

The presence of Politically Exposed Persons (PEP) such as HC, a member of the MPLA CC and a former minister and former provincial governor, is considered negative for the reputation of Angolan banking, and partners such as the International Monetary Fund (IMF) have been pressing towards a “cleaning” the sector. Keve's situation is considered similar to that of Banco BIC, controlled by ISABEL dos SANTOS.

MinFin has been providing to Banco Keve, namely using its powers of financial supervision over ANPG, aims to make the banking institution more attractive to investors, namely to the Carrinho group, which the Government has been giving priority in several operations, namely access to credit lines opened by partner countries.

JL is from Lobito, where he established relationships with the Carrinho family, since their origins as small businessmen in the 1980s and 1990s, initially in a restaurant that operated in their own residence. In fact, the family established relationships with economic and business groups that frequented the small establishment, such as professionals in the oil sector who participated in the refinery and port of Lobito projects, and also the Odebrecht group, which was involved in a water and sanitation infrastructure in the region. READ MORE