Jan 22, 2020

“Shocked and disappointed”

The Luanda Leaks reveal the complicity of international enablers in the looting of Africa. The head of one of the world’s top accounting firms is “shocked”:

Accounting giant PwC launched an internal investigation into its dealings with Angolan billionaire Isabel dos Santos, and a major Portuguese bank cut ties with her, as fallout from an International Consortium of Investigative Journalists examination of the source of her wealth continued.

Bob Moritz, the chairman of PwC, told ICIJ reporting partner The Guardian that he was “shocked and disappointed” by revelations that his firm advised companies owned by dos Santos.

Speaking on the sidelines of the World Economic Forum held in Davos, Switzerland, Mortiz said that PwC will investigate its work with dos Santos and that employees may be docked pay or dismissed if they behaved inappropriately. From a reputational perspective, the dos Santos story was the worst thing to have happened to PwC on his watch.

We’ve seen this movie before:

Read about it here and here.