Singapore High Court Rejects Jailed Africa Nation Angola Billionaire De Sao Vicente to Release $2.6 Million of Frozen Funds to Pay for Legal Expenses, $558 Million Frozen in Singapore Private Bank – Bank of Singapore in 2021
19th May 2023 | Hong Kong
A Singapore high court has rejected jailed Africa nation Angola billionaire De Sao Vicente to release $2.6 million of his frozen funds to pay for legal expenses, with $558 million frozen in Singapore private bank (Bank of Singapore) in 2021 by Singapore Commercial Affairs Department (19/2/23). De Sao Vicente, who is the son-in-law of the first President of Angola (Agostinho Neto), was charged in 2020 September for money laundering & tax fraud (embezzled $1.2 billion, wealth of $3.6 billion) in Angola. In 2022 March, De Sao Vicente was sentenced to 9 years jail and to pay $4.5 billion in compensation to Angola, with his family assets confiscated by Angola. De Sao Vicente is currently appealing to Angola Supreme Court for his sentence. In the ruling, Singapore court Justice Vincent Hoong cited insufficient evidence his family do not have access to funds to cover his legal expenses, with the $2.6 million request representing a faction of his wealth. De Sao Vincente is a Portuguese-Angola citizen with companies around the world, and bank accounts including in leading financial centres Switzerland and Singapore. Angola has a GDP of $64 billion, 33 million population and is Africa largest oil producer and Africa 3rd largest producer of diamond.
“ Singapore High Court Rejects Jailed Africa Nation Angola Billionaire De Sao Vicente to Release $2.6 Million of Frozen Funds to Pay for Legal Expenses, $558 Million Frozen in Singapore Private Bank Bank of Singapore in 2021 “
World Bank: Angola’s economic fortunes have been tied to global oil demand, which brought volatile growth and left the country with high levels of poverty and inequality. Reforms over the past five years have improved macroeconomic management and public sector governance. Macroeconomic stability has been enhanced through a more flexible exchange rate regime, central bank autonomy, sound monetary policy, and fiscal consolidation. Laws have been introduced to allow greater private sector participation in the economy, increasing the stability of the financial sector and reducing the impact of oil revenue volatility on public finances.
Singapore High Court Rejects Jailed Africa Nation Angola Billionaire De Sao Vicente to Release $2.6 Million of Frozen Funds to Pay for Legal Expenses, $558 Million Frozen in Singapore Private Bank – Bank of Singapore in 2021
A Singapore high court has rejected jailed Africa nation Angola billionaire De Sao Vicente to release $2.6 million of his frozen funds to pay for legal expenses, with $558 million frozen in Singapore private bank Bank of Singapore in 2021 by Singapore Commercial Affairs Department (19/2/23).
De Sao Vicente, who is the son-in-law of the first President of Angola (Agostinho Neto), was charged in 2020 September for money laundering & tax fraud (embezzled $1.2 billion, wealth of $3.6 billion) in Angola. In 2022 March, De Sao Vicente was sentenced to 9 years jail and to pay $4.5 billion in compensation to Angola, with his family assets confiscated by Angola. De Sao Vicente is currently appealing to Angola Supreme Court for his sentence.
In the ruling, Singapore court Justice Vincent Hoong cited insufficient evidence his family do not have access to funds to cover his legal expenses, with the $2.6 million request representing a faction of his wealth.
- De Sao Vincente is a Portuguese-Angola citizen with companies around the world, and bank accounts including in leading financial centres Switzerland and Singapore.
- Angola has a GDP of $64 billion, 33 million population and is Africa largest oil producer and Africa 3rd largest producer of diamond.
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