Angola's Mislaid Billions

By John McMillan
2004 | Case No. IB52 | Length 19 pgs.

This case focuses on corruption in Angola surrounding oil production. In 2001, corruption in Angola was extreme. More than US$1 billion per year of Angola’s oil revenues had reportedly disappeared in each of the five previous years. Angola presented a horrifying case of squandered possibilities. Rich in natural resources, it was one of the world’s poorest countries—most of its people lived wretched lives. With the end of the civil war in 2002, observers anticipated an investment boom in 2003-05, with the foreign oil companies operating there predicted to invest US$18 billion. The cases traces the bidding process followed by investors such as TotalFinaElf, BP, and ExxonMobil and what happened to the money involved. The case discusses involvement and reactions of non-governmental organizations, the oil companies, internal organizations and foreign governments, as well as the Angolan response.

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