‘R260bn missing in Angola’

2011-12-21 12:53

Human Rights Watch says Angola’s government must account for $32 billion (about R260 billion) missing from State coffers.

The New York-based organisation says that money should be benefiting the people of the oil-rich southern African state, who mostly live in poverty.

The rights group said today the missing money was identified by the International Monetary Fund in a December report and is believed to be linked to the state oil company Sonangol.

It includes $7.1 billion transferred into escrow accounts overseas and $24.9 billion that appear as “an unexplained discrepancy in government accounts”.

The IMF said the money disappeared between 2007 and last year.

The rights group previously identified more than $4 billion in oil revenue that went missing from Angolan government accounts between 1997 and 2002.

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