business in Angola developed

to form an exclusive social circle. This group was often called Futunguistas, after the name of one of dos Santos’s presidential palaces. They monopolizing the wealth of Angola’s economic growth. The Chinese SOEs that conducted business in Angola developed personal relationships with the Futunguistas. Contracts between Chinese companies and Angolan elites were not transparent, and corruption was widespread. Much of the profits went to families and associates of dos Santos. In 2015, Chinese authorities arrested Sam Pa, CEO of the CIF, which had promoted business in Angola, on corruption charges related to Sinopec’s oil license bid in Angola. CIF was reportedly complicit in corrupt dealings with the Angolan side in numerous projects in Angola.14 While some of the elite groups had acquired enormous wealth, the Angolan people have remained สล็อต เว็บตรง