Swiss supreme court reverses freeze on Angolan tycoon's R13-billion fortune

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Carlos Manuel de Sao Vicente was a key figure in Angola's oil industry, heading a group of companies called AAA International which sold insurance contracts to state oil company Sonangol over nearly two decades of bumper profits.

According to a copy of the unpublished Mar. 10 decision obtained by Reuters, the Supreme Court noted that prosecutors “did not precisely determine, as it was their task to do, the predicate offences for money laundering necessary to justify the upholding of a seizure on the bank assets of the appellant”.

The Swiss public prosecutor did not immediately respond to a Reuters request for comment on the court's ruling. Angolan prosecutors did not respond to a Reuters request for comment on the ruling. Court filings to date suggest there has been no request by Angola for a repatriation of funds.

 

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