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Article

13 Dec 2001

Author:
Global Witness

Financial analysts reveal Angolan Government's shameful secret: Where are the 'missing billions'?

Reuters in Luanda reported yesterday that US$1.5 billion in oil revenues, over one-third of Angola's US$3-5 billion in total income - went missing last year...The IMF uncovered the missing billions in its Oil Diagnostic Programme, which is comparing revenue reported as paid by the oil companies operating in the country - currently, mainly from TotalFinaElf and Chevron-Texaco - with the money that actually appeared on the Government's books..."International oil companies and banks that continue to do business in Angola, operating with a complete lack of transparency, and hence accountability, are complicit in this situation. The oil and banking sector refuse to release any public information about the magnitude of their payments to the State, making it impossible for civil society to hold the Angolan Government to account over misappropriation of state assets."