Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (47053)	3/4/2009 12:37:56 AM
From: elmatador	Respond to of 219714

rare sign of division within the oil-rich African nation's elite. A few hundred people close to the president and the ruling MPLA party control most of Angola's wealth, while an estimated two thirds of Angolans live on less than $2 a day. Welwitschea dos Santos did not say who she was referring to in the editorial in state-owned Jornal de Angola. Among her own interests is a company that manages state-owned public broadcaster TPA2 and the presidency of a soccer club. 'These business oligarchs believe they have to create the biggest number of tentacles possible to sabotage or destroy competing businesses,' she said. 'The majority of them forget that 35 years ago they were probably poor and lived in some shanty town, like those they step on.' ELMAT's comment: When country is like this, with long term president, his off-spring grow up and want piece of the pie. Pie without no piece for grabs, younger offspring revolts. That happened with Suharto's younger son. Suharto wife died, allegedly, during a in-family fighting one night over pieces of pie. Watch. This is going to develop further. Angolan president's daughter attacks 'oligarchs' 03.02.09, 09:33 AM EST By Henrique Almeida LUANDA, March 2 (Reuters) - A daughter of Angolan President Jose Eduardo dos Santos has accused 'business oligarchs' of damaging the economy, in a rare sign of division within the oil-rich African nation's elite. A few hundred people close to the president and the ruling MPLA party control most of Angola's wealth, while an estimated two thirds of Angolans live on less than $2 a day. Welwitschea dos Santos did not say who she was referring to in the editorial in state-owned Jornal de Angola. Among her own interests is a company that manages state-owned public broadcaster TPA2 and the presidency of a soccer club. 'These business oligarchs believe they have to create the biggest number of tentacles possible to sabotage or destroy competing businesses,' she said. 'The majority of them forget that 35 years ago they were probably poor and lived in some shanty town, like those they step on.' She said oligarchs had enriched themselves through state funds and were now stifling competition and preventing the emergence of young and honest entrepreneurs. Among Angola's elite are a handful of generals from the 27-year civil war that ended in 2002. Some of the president's family have also prospered. Welwitschea dos Santos's elder sister Isabel has stakes in telecoms, banking and the cement business and is widely believed to be Angola's richest woman. 'It seems that there is a growing conflict of interests within the tight-knit group of people that surround the president,' said one local analyst who asked not to be named. Others said it took courage for Welwitschea dos Santos to speak out but questioned her moral authority. 'She has benefitted greatly from her privileged position,' said Fernando Macedo, a law professor at Luanda's Lusiada University. The former Portuguese colony has tried hard to build a reputation as a free and prosperous nation since the end of the war and has enjoyed years of double digit growth. It recently won praise from the European Union and the United States for holding the first post-war parliamentary elections in September and efforts to rebuild roads, bridges and ailing communications destroyed by the war. But Angola ranks 158 out of 180 countries on corruption watchdog Transparency International's 2008 Corruption Perceptions Index. (Editing by Phumza Macanda and Matthew Tostevin) Keywords: ANGOLA OLIGARCHS/