South Africa-based civil society organisation Open Secrets’ investigation has revealed Africa’s corrupt political elites have laundered embezzled public funds through South Africa’s real estate sector while large sections of their populations live in abject poverty.
These leaders and their associates—often family members—acquire luxury properties in affluent parts of South Africa’s Johannesburg and Cape Town.
In their report, Open Secrets presents case studies from three countries: Mozambique’s outgoing President Filipe Nyusi, former Democratic Republic of the Congo President Joseph Kabila and Equatorial Guinea’s Vice President Teodorín Obiang.
The @opensecretsZA (X) report also accuses South African authorities and banks of complicity by failing to adhere to regulatory checks and balances.
Here’s a closer look at the findings.
Sources:
https://www.opensecrets.org.za/property-laundromat/
https://www.theafricareport.com/127303/mozambique-nyusis-alleged-involvement-in-hidden-debt-scandal/
https://www.bbc.com/news/world-africa-59343922
https://thesentry.org/reports/bank-scandal-in-congo/