Luanda Leaks: KfW subsidiary must pay a fine – economy

The state-owned KfW-Ipex-Bank must pay a fine of 150,000 euros for problematic business in Angola. According to the Frankfurt public prosecutor’s office, the sanction was pronounced “for a negligent violation” of the law on money laundering. Specifically, this is a 2015 KfW-Ipex-Bank loan, on which Süddeutsche Zeitung, NDR and WDR 2020 first reported as part of the international research project “Luanda Leaks”.

In 2015, KfW-Ipex-Bank loaned around € 50 million to the Angolan public bank Banco de Poupança e Crédito (BPC), which provided a loan to a brewery. The state-owned KfW-Ipex-Bank is in fact supposed to promote German exports. With the million dollar loan, she helped Isabel dos Santos of all people: Africa’s richest woman and the daughter of then-president José Eduardo dos Santos, who was suspected of corruption. She owned part of the brewery to which the money from Germany was sent.

The father of Isabel dos Santos, the Angolan autocrat who reigned from 1979 to 2017, had approved by decree his daughter’s brewery project. A government agency subordinate to it declared it strategically important and provided numerous tax benefits. If necessary, the ambiguities would be resolved personally by the President. It was an agreement that KfW-Ipex-Bank should have been wary of. Because the dos Santos family has been suspected of corruption for years. The German state bank canceled the deal anyway.

Isabel dos Santos rejects any wrongdoing

After the Luanda Leaks publications, the Frankfurt prosecution opened investigations against several KfW employees suspected of infidelity. They were eventually dropped “due to the lack of sufficient suspicion”. However, a fine was imposed on KfW-Ipex-Bank, as the bank confirmed on request. The fine is based on the claim that “the consent necessary for the conduct of business activities was not obtained through negligence from a higher hierarchical level (head of department)”.

Isabel dos Santos – nickname: “Princess of Angola” – has always rejected any misconduct, she had no knowledge of the KfW loan, and the brewery in which she is involved is independent from the Angolan state.

An international arbitral tribunal recently asked dos Santos to reimburse several hundred million euros. The Luanda Leaks study, in which SZ was involved, had previously shown how Angolan state-owned company Sanongol acquired a stake in Portuguese energy company Galp at the initiative of dos Santos and later shares in an owned company. by dos Santos. then husband, who was well below resold market value. The deal could only be explained by considerable corruption on the part of a president’s daughter and her husband, “the court said. The sale of the shares was” null and void. “Isabel dos Santos a left an ongoing SZ investigation into the allegations and the court’s decision unanswered as of this writing.

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