Portuguese to English: Transcription and Translation of Portuguese TV News Story General field: Bus/Financial Detailed field: Finance (general)
Source text - Portuguese https://www.youtube.com/watch?v=oG0IEX5t8YI
This job required the translation and transcription of an 11-minute segment of the video piece in the link above.
Translation - English Narrator: In between Luanda and Dubai, a sort of aerial bridge was created through which millions of dollars of dubious origin circulated. The investigation conducted by SIC detected strong indicators of money laundering as if the BES branch in Dubai had become a sort of mega-laundry service for the Angolan regime. We have the evidence, and so does the Bank of Portugal. In 2010, practically half of the funds invested in ES Bankers Dubai came from the Bank of Angola.
Pedro Coelho: In 2010, the 563 million dollars from the National Bank of Angola administrated by ES Bankers Dubai were invested in the BES branch in London. They were fully invested in debt issuance, part of which was associated with the Espírito Santo Group (GES). It's certain one year later, in 2011, the National Bank of Angola closed this account and the money moved to other locations.
Narrator: That same year, 2011, the prime client of ES Bankers Dubai is again an Angolan — general Kopelipa, with the investment of almost 300 million dollars; almost 27% of the total amount invested in the BES branch in Dubai. From there, the money followed to yet other locations. Part of it was invested in stocks from Espírito Santo International, the head of the Espírito Santo Group. Another part was deposited in the BES branch in Panama. Domingos Manuel Inglês, from general Kopelipa's close circle, raised the investment from 9.3 million dollars in 2010 to 50.600 million in 2011. The bigger slice of the investment made by Domingos Manuel Inglês was applied in Rio Forte. In 2011, general Dino — Leopoldino Fragoso do Nascimento, drops his investments of almost 44 million in 2010 to 32 million dollars, applied integrally in titles belonging to companies owned by the Espírito Santo Group.
Ricardo Soares de Oliveira: They are people who have the president's trust. You just need to realize general Kopelipa, who is in the presidency for a number of decades, in many moments of recent history of Angola has been the true commander-in-chief of the armed forces, of a much greater importance than the official commander-in-chief. In reality, he is a sort of political controller. José Eduardo dos Santos was extremely astute in the way he acquired his power throughout the years. He did it through cooptation, by purchasing people; by providing the elites in the party and the armed forces opportunities to make wealth. And the presence of Angolan generals in Angola's finance sector from the beginning of the 21st century is perhaps a key piece for the favoring of generals.
Narrator: In the list sent by the DFSA to the Bank of Portugal during the course of 2011 there are other names from the so-called Angolan elite other than those of the generals Kopelipa and Dino, and Domingos Manuel Inglês. Emanuel Madaleno, for example, in 2010 and 2011, kept investments superior to 10 million dollars. Madaleno is the brother, and partner, of Álvaro Sobrinho, the person chosen by Ricardo Salgado to lead BES Angola (BESA). He left in 2013, through the back door.
Mariana Mortágua: How does a person who is the administrator of a bank, as good as his income is, accumulate a wealth of many tens of thousands of Euro?
Álvaro Sobrinho: Look, I will not answer this question which affects my personal sphere.
Pedro Coelho: You spoke about the relations between Portugal and Angola working both ways; I would like to ask you if in terms of the financial world those relations are also working both ways? Angola does not have more power now than it used to had, in comparison to Portugal? Are the Portuguese banks not in the hands of Angola, almost, at this stage?
Álvaro Sobrinho: I don't think so. Do you think the Portuguese banks are in the hands of —
Pedro Coelho: I am asking you a question, in regards to Angola. There's a disproportion. You spoke about the relationship working both ways, but is it really that type of relationship? I insist on this point.
Álvaro Sobrinho: I stated clearly that in terms of economy the relations between Portugal and Angola are working both ways. I won't say more. I'm not here to speak of private affairs or —
Pedro Coelho: You say you are not a politician, don't you have —
Narrator: If we re-establish the aerial bridge between Angola and Dubai, the miraculously disappeared millions from the time of Álvaro Sobrinho in BES Angola may have left a trace, after all. It's the Bank of Portugal itself who takes care of that. Between 2010 and 2011, 60% of the global amount of investments in the bank in Dubai had companies from the Espírito Santo Group as recipients. The number is round;750 million dollars of direct investments in GES. 61% of that amount invested in GES was in the hands of only 4 investors; all of them of Angolan nationality, all of them politically exposed to the power of José Eduardo dos Santos. In other words, between the years of 2010 and 2011, the Angolan regime circulated through the accounts in ES Bankers Dubai 500 million dollars that went straight to the Espírito Santo Group.
Ana Gomes: What you are telling me is very serious. Until now I had no knowledge of this document. I saw it at a glance, not even that. But I am not surprised, as there a number of other strong indicators that highly positioned personalities in the Angolan regime, starting with the president and the president's family, are involved in the Portuguese economic system. There is no way of escaping the pile of indicators, evidence, and elements the Portuguese authorities are holding which show that in fact Portugal was used, as they call it in Angola, as a laundry service for José Eduardo dos Santos and all the Angolan cleptocracy.
Narrator: On October 2nd of 2013, Ricardo Salgado rushes to Angola to try to get a meeting with José Eduardo dos Santos. He accomplishes it, in return for an announcement; BESA makes a promise to invest 500 million dollars (370 million Euro) in the Angolan economy. It was during the course of the parliamentary hearing commission's session that the administrator who Ricardo Salgado wished to be his successor acknowledged the true objective of the meeting was to compromise José Eduardo dos Santos, after all.
Amílcar Morais Pires: In October of 2013, the president of the Republic of Angola granted a hearing to Dr. Ricardo Salgado, in which I was present along with Dr. Rui Guerra and Dr. Daniel Proença de Carvalho. In that occasion, the president manifested his availability to help BES suppress any potential difficulties that could come to emerge. This support came to materialize with the emission of an autonomous sovereign guarantee of 5.7 thousand million dollars that covers 70% of the total debt.
Narrator: With the knowledge of BESA's state of almost coma after the financial hole opened by Álvaro Sobrinho's administration, Salgado went to negotiate the guarantee from the Angolan state with the intent of preventing the bank's decline. Rui Guerra succeeded Álvaro Sobrinho in the executive leadership of BESA and inherited the hole.
Rui Guerra: What we faced in January of 2013 was a hard situation of cash-flow and transaction capabilities.
Narrator: Ricardo Salgado asked, José Eduardo dos Santos agreed. The facts start to fit in this complex puzzle. The role ES Bankers Dubai truly played in the BES scandal serves as a script for the obvious. ES Bankers Dubai fulfilled Ricardo Salgado's interests because, through it, he capitalized the companies belonging to the Espírito Santo Group that were broke. ES Bankers Dubai fulfilled the interests of the Angolan regime because through the BES branch in the emirate the money gathered by the elite was taken to places of secrecy; faceless and traceless. BESA made 5.7 thousand million dollars of loans granted without guarantees disappear, part of that amount to the much discussed Angolan elite. In this scheme of opaque financial favors that could not be ceased, the bank guarantee of, curiously, 5.7 thousand million dollars, is just a consequence. The time has come for coincidences. The BESA hole, revealed in June of 2014; 5.7 thousand million dollars. Bank guarantee from the Angolan state, negotiated in October of 2013 to prevent BESA's decline, dispatched by José Eduardo dos Santos on the last day of 2013; 5.7 thousand million dollars. In this parade of coincidences, we underline the last one. In the last balance sheet BES, the 'evil bank', presents a negative balance account of 5.287 thousand million Euro. Having done the conversion in dollars, the currency which we have been using in these coincidences, the famous figure of 5.7 thousand million dollars appears again, almost as if like a carbon paper copy. This coincidence at the top of the cake carries the obvious conclusion; had the Angolan government not retrieved the banking guarantee and BES would have escaped the earthquake provoked by the contamination of the financial area by the non-financial area. And the scandal, in the dimension we all know it today, would have certainly been covered for a little while longer. Dubai is the sample which allows the understanding of the scheme used by Ricardo Salgado's administration to feed the thirsty companies belonging to the Espírito Santo Group. On June 14th of 2012, the Bank of Portugal shows no doubts in their conclusion; the BES branch in Dubai had become a gateway for funds coming from Angola that was being used to finance GES. And before this evidence, it's the Bank of Portugal itself who places the last piece in the puzzle by associating to the scheme BES Angola. The branch from Angola had, inclusively, as prime stockholders the two generals that led the list of ES Bankers Dubai's biggest clients — Kopelipa and Dino.
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