The multiple land investments of tendentious businessman Alvaro Sobrinho

A luxurious villa worth 1.6 million dollars, or around Rs. 56 millions, in Balaclava was one of the acquisitions of the controversial Angolan businessman Alvaro de Olivera Madaleno Sobrinhocontroversial Angolan businessman Alvaro de Olivera Madaleno Sobrinho, aged 55, under the Real Estate Development Scheme. While temporarily residing at Résidence Otera, in Trou-aux-Biches with his wife Ana Seixas Afonso Dias, the Angolan bought the villa on 16 October 2016.

The 358.20 m2 villa was built on a 1659 m2 plot. It includes a main bedroom with attached bathroom and toilet, as well as a terrace. The second bedroom is also en suite.Alvaro Sobrinhoalso had an office built with attached bathroom and toilet. The living area is spread over 20.40 m2 while the kitchen is built on 13.9 m2. Outside the villa, there is a kiosk, a swimming pool, a garage for two cars and a private yard. According to our checks, the plot is valued at Rs. 7.8 million while the villa is valued at Rs. 48.2 million.

Two lots rs 43,6 m

In April 2017, the leader of the opposition Xavier-Luc Duval had shocked more than one in the National Assembly. During his Private Notice Question, he asked Prime Minister Pravind Jugnauth if the Angolan multi-billionaire Alvaro Sobrinho had invested, according to the 'vente enétat futur d'achèvement' formula, in 131 villas at the Royal Park, in Balaclava, for more than Rs 1 billion. Xavier-Luc Duval had implied that an eminent political personality had even participated in the realization of these investments, but without giving any more details. The head of government then asked the leader of the opposition to provide him with proof of what he was advancing.In a parliamentary reply on 7 November 2017, Prime Minister Pravind Jugnauth told the House of Assembly that the Board of Investment had indeed authorized Alvaro Sobrinho to buy 12 "residential properties" in Balaclava, under the Property Development Scheme of the company Le Loiret Ltd, at a cost of Rs 355 million.A few weeks before this acquisition, on 28 September 2016, Vango Properties Limited, whose sole shareholder is Alvaro Sobrinho, had bought two plots of land of 1,916 m2 and 1,922 m2, in Ebène. The two plots cost Rs 43.6 million. Vango Properties Ltd had intended to build a Science Technology and Innovation (STI) Park there, including a seven-storey building.

FSC's position

Regarding the controversy that the businessman had created in the country, the Financial Service Commission (FSC) issued a statement on 2 March 2017. According to the regulatory body, all requests were accompanied by the required documents. The FSC had indicated that an investigation had been opened, because the name of Alvaro Sobrinho had been associated with a case of embezzlement of funds. But the Angolan state had not subsequently initiated proceedings against the businessman. It is thus that the FSC granted the permits to the entities created by the multi-billionaire. Solicited on Friday 16 March in relation to this affair, the FSC's management did not want to say any more, advising us to refer to the statement issued in 2017.

Alvaro De Olivera Madaleno Sobrinho Facts

Born on June 19, 1962 in Sâo Paula in the city of Luanda, Angola, Alvaro De Olivera Madaleno Sobrinho, better known as Alvaro Sobrinho, has Portuguese nationality as well as Angolan. Married to Ana Seixas Afonso Dias Madaleno, the couple currently resides in Luins, Nyon, Switzerland. Alvaro Sobrinho studied at the New University of Lisbon and, after his studies, he started his career in the insurance company World Trust.

In 2000, the Angolan became one of the directors of the Portuguese bank Banco Espirito Santo. He then launched a subsidiary of this bank in Angola, Banco Espirito Santo Angola (BESA), of which he was general manager until October 2012. The following year, he became the executive chairman of Banco Valor Angola. Subsequently, he has made several investments in telecommunications and renewable energy.

The businessman is also president and founding member of the London-based non-governmental organization Planet Earth Institute (PEI). This organization, accredited to the United Nations Environment Program, aims to support scientific independence in Africa. For the creation of the PEI, Alvaro Sobrinho received the support of the President of the Republic, Ameenah Gurib-Fakim. On November 23, 2015, an official launching ceremony had in fact taken place at the State House, during which the Head of State had been appointed vice-president and administrator of the NGO.

His projects in Mauritius are...

• The expansion of Planet Earth Institute in Mauritius had been presented in early 2016. In May of that year, the President of the Republic, together with Alvaro Sobrinho, launched a scholarship program for training leading to a PhD. Launched on a pilot basis in the country, ten Mauritian students were to be awarded scholarships, under the Ameenah Gurib-Fakim PhD Scholarship Programme.
• On August 18, 2015, he made three applications to the Financial Services Commission (FSC), namely AS African Asset Management Ltd, ASA Fund and PASET Fund. The FSC conducted a 'due diligence' exercise.
• On September 29, 2016, Alvaro Sobrinho Africa Ltd had applied for an Investment Banking License and by November 2016, Alvaro Sobrinho Africa Ltd was listed in the Registrar of Companies.
• Political observer Rajiv Servansingh claimed on Radio Plus on Tuesday, March 13, that his offshore company was bought by controversial businessman Alvaro Sobrinho.

Sobrinho accused on...

Alvaro Sobrinho had been prosecuted for money laundering by the Portuguese authorities. The foreign press reported that loans worth US$5.7 billion from Banco Espirito Santo Angola (BESA) were never repaid. Members of his family and the Angolan president's entourage are said to have benefited.

In addition, the Portuguese press published an article in September 2010 indicating that the businessman had purchased six apartments for $9.5 million in a questionable manner. The apartments were seized by the court but were later returned to him due to lack of evidence.

In March 2018, Mediapart revealed that the businessman allegedly embezzled more than $600 million from BESA while he was running the bank. Some of this money would have landed in a company called Akoya, in which he held shares.