Jean-Claude Bastos has fallen out of favor in Angola. The former longstanding head of the African nation's sovereign wealth fund was arrested, along with the ex-president's son.
Angola's attorney general said it remanded Swiss financier Jean-Claude Bastos and Filomeno dos Santos, the son of the country's former president, in custody. Dos Santos is alleged to have illegally transferred $500 Millionen from Angola's sovereign wealth fund to Swiss bank accounts, news wire «Bloomberg» reported.
Bastos stands accused of money laundering and corruption in connection with the state money, the news outlet reported. A new government in the west African nation has vowed to fight corruption.
Lucrative Asset Management Mandates
The Swiss banker lost lucrative asset management mandates from Angola funds after the handover of power. Last month, Bastos won control of some $3 million which had been frozen, although some of his funds remain blocked in Switzerland, where authorities are also investigating.
