Angolan State Oil Producer Uncovers $50 Billion Hole, Valor Says
- Consultants find shortfall at Sonangol, Valor Economico says
- Company led by president’s daughter to be reorganized
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Angola will investigate reports of a $50 billion shortfall in the accounts of the state-run oil company, local newspaper Valor Economico reported, citing unidentified people close to international consultants hired to restructure the company.
The assessment uncovered “discrepancies” between the funds received and invested and showed that the company had withheld revenue to the government, according to Valor’s report published on Monday. Some of Sonangol’s assets were overvalued and contracts weren’t negotiated in the best interest of the state, according to the newspaper.