Last Friday, 31 January 2020, the Provincial Court of Luanda in Angola issued a preventive seizure over some of the assets of Leopoldino Fragoso do Nascimento, aka “General Dino”, a key member of the “Futungo” or inner circle of former president José Eduardo dos Santos. An official announcement by the Attorney General on action against General Dino is yet to emerge, and hence the exact corporate assets targeted are unclear.
In collaboration with Causeway Partners, a provider of research and intelligence solutions, we have reviewed General Dino’s involvement in the Angolan economy and his corporate interests.
In the course of his career, General Dino accumulated massive wealth, diverse business interests and exclusive access to Angola’s political elite. As well as stating that he is officially registered as the owner of Cochan SA – an Angolan international investment company – the report on the Luanda court action mentions General Dino as holding an interest in the mobile telephone company, Unitel; the oil trading companies DTS Group and Puma Energy; bioenergy company, Biocom; supermarket chain, Kero Group; and media company, Medianova Group.
However, the full extent of General Dino’s empire is only just emerging. Research by Diligencia based on the Angolan corporate registry reveals that his reach stretches into other sectors, such as sports and leisure, restaurants and fast food.