THE Fundo Soberano de Angola ( FSA), a sovereign wealth fund, would have us believe that it is part of the light that is the future of a more prosperous, equal Angola. The Portuguese-speaking country may be resource-rich, but more than a third of its population is poverty-stricken. Launched in October 2012 with an initial allocation of US$5bn, the FSA is funded by the Angolan government from state-owned oil entity Sonangol’s oil revenue and is headed by José Filomeno de Sousa “Zenu” dos Santos, the son of President José Eduardo dos Santos. The FSA is intended to facilitate a better future for Angolans by making strategic investments to generate wealth and promote development. Yet scant information has been provided about these investments, some years after the FSA’s creation by presidential decree. And it is beset by claims of irregularities, nepotism and financial secrecy. In a statement to the Financial Mail, Dos Santos said the FSA was committed to good governance. It published a...
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