Angola Oil Company Sonangol Denies Report About $50 Billion Hole
- Sonangol calls Valor Economico report “absolutely false”
- President’s daughter Isabel dos Santos chairwoman of Sonangol
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Angolan state-owned oil company Sonangol said a report about a $50 billion shortfall in its accounts is “absolutely false.”
Angolan newspaper Valor Economico reported on Monday that international consultants hired to reorganize Sonangol had found discrepancies between the funds received and invested by the company. It also said some of the oil producer’s assets were overvalued and contracts weren’t negotiated in the best interest of the state.