(Bloomberg) -- Angolan businessman Carlos Manuel de Sao Vicente was sentenced to nine years in prison by a court in the southern African nation for embezzlement, tax fraud and money laundering, Novo Jornal reported on Thursday, citing the ruling.
The court asked the government to take control of the tycoon's assets, according to the Luanda-based newspaper. Sao Vicente's business interests once included a 49% stake in the local unit of South Africa's Standard Bank Group Ltd. Sao Vicente, who has maintained his innocence, was detained in 2020 after authorities froze $900 million of his assets in several bank accounts in Switzerland.
Also read: Angola Detains Standard Bank Investor Sao Vicente
Angolan authorities allege that the money was siphoned by Sao Vicente, the former chairman of privately-owned insurance company AAA Seguros, from business conducted with foreign oil companies operating in the country during the rule of ex-President Jose Eduardo dos Santos.
Phone calls to Sao Vicente didn't connect. A spokesman for Angola's attorney general declined to comment.
Angolan President Joao Lourenco, who took over from Dos Santos in 2017, is cracking down on allegations of widespread graft during his predecessor's tenure and has vowed to bring the perpetrators to justice.
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