During his visit to Angola this week, Prince Harry should address the country’s alarming track record of corruption and trade abuse
MIAMI, Sept. 25, 2019 /PRNewswire/ — U.S.-based Attorney Ed Patricoff, partner at Shutts & Bowen, has litigated several cases for U.S. companies who have suffered significant damages at Angola’s hands. As Prince Harry visits Angola this week and aims for the country to join the Commonwealth, Patricoff warns the U.K. about Angola’s blatant corruption and strongly encourages the Prince and his staff re-consider their position.
In just the past three years, Angola – one of the wealthiest countries in Africa – has repeatedly misled and abused its trade partners in the U.S. and beyond. The below actions have brought harm to foreign economies and even the country’s own citizens.
Highlights of Angola’s Recent Corruption and Trade Abuse
- A publicly traded U.S. company saw its assets, worth $90+ million USD, stolen at gunpoint by a General in the Angolan military.
- The damages forced the company to have its stock de-listed, harming its shareholders and employees
- Withheld $500+ million USD from international airlines, including Air Brussels and Ethiopian Airlines.
- Two power suppliers owed nearly $100 million USD, forced to cease operations after years of no payment, leaving Angola citizens in the dark.
According to Ed Patricoff, who has litigated many of the above cases, Angola will do much more harm to the U.K. than good if it were to join the Commonwealth.
“U.K. companies will fall victim to Angola’s long history of abuse and corruption,” said Patricoff. “While President Lourenço misleads the public and its trade partners on a false ‘New Angola’ narrative, his own staff continues to exhibit signs of corruption. Between withholding significant sums of money from its partners and its military stealing assets at gunpoint, Angola is simply not fit for outside investment, much less joining a distinguished association like the Commonwealth.”
As Angola attends the United Nations General Assembly this week, many world leaders have grown frustrated with Angola’s failure to honor obligations and treat partners with respect. Below is a list of U.S. Senators and Representatives who have sent letters to Angola, outlining their concerns.
- Congressman Mario Diaz-Balart
- Congressman Carlos Curbelo
- Florida Senators Marco Rubio and Bill Nelson
- Congresswoman Debbie Wasserman Schultz
While Angola is an attractive market for investment due to its wealth and oil supply, among other factors, Prince Harry should avoid investment in Angola until the country truly ends its corrupt practices.
About Shutts & Bowen LLP
Shutts & Bowen, established in 1910, is a full-service business law firm with more than 270 lawyers in offices in Ft. Lauderdale, Jacksonville, Miami, Orlando, Sarasota, Tallahassee, Tampa, and West Palm Beach. Learn more about Shutts & Bowen at www.shutts.com.
Related Links
SOURCE Shutts & Bowen
Publicação da autoria de Fonte Externa:
CISION PR Newswire
25/09/2019