Luanda, ANGOLA, March 13 - The new Private Investment Law has operational mechanisms to impede frauds against the Angolan state, said last Monday in Luanda the former director of the extinct Private Investment Technical Unit (UTIP), Norberto Garcia. ,

Norberto Garcia was reacting to the recent seizure by the police of a USD 99 million cheque, supposedly issued by an institution dubbed “Bank of China Limited” based in Hong Kong, passed in favour of “Centennial Energy Company Limited”, which would be the basis of a fraudulent financing operation in Angola, having as main target Angolan firms seeking funding.    

 

Recently, the Criminal Investigation Service (SIC), through superintendent Tomás Agostinho, revealed to the public the involvement in such scam attempt of top ranked Angolan military persons.  

 

On the same occasion, Tomás Agostinho also informed that the police detained six foreigners and two Angolan citizens on suspicion of being involved in the mentioned scam attempt.

 

During the scam attempt, the now detained citizens were presenting themselves as owners of the “Centennial Energy Company Limited”, supposedly with headquarters in the Philippines.   

 

Norberto Garcia explained that it is normal that many people presume that someone tried to defraud the Angolan state, because people do not know the elements of the process.  

 

“They can have this presumption, but it is not possible, no way, for someone to come from abroad with the intention to defraud the Angolan state of (financial) amounts like that (...)”.  

 

He went on to say that in operational and functional terms it is not possible to defraud the Angolan state of such high financial amount, further adding that the new Private Investment Law “has operational mechanisms that impede such scam, that is why it did not work”.    

 

He seized the occasion to commend the police for the investigation work done to get the most important elements of the matter and find out in time the type of scam that was being prepared.

 

He also assured that in just over two years of work no cases of corruption were found in UTIP.  

 

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