Angola jails tycoon over $900 million scandal

Mr. De So Vicente had been detained for over a year when his court case began in February.

Angola jails tycoon over $900 million scandal

According to the private Novo Journal, a court in Angola has convicted Carlos de So Vicente, a businessman with ties to two former presidents, to nine years in prison for stealing $900 million (£682 million).

Embezzlement, tax fraud, and money laundering were among the charges.

The verdict on Thursday will be appealed by his defense team.

"Mr. De So Vicente continues to deny all of the allegations leveled against him and to affirm his innocence," his lawyers said in a statement to the VOA news service in the United States.

Mr. De So Vicente had been detained for over a year when his court case began in February.

During the government of José Eduardo dos Santos, he was awarded the monopoly of insuring the country's profitable, state-controlled oil business. He was the son-in-law of Angola's first president Agostinho Neto.

Several corruption proceedings against people close to Mr. Dos Santos have been pursued by the government of incumbent President Joo Lourenço.

The anti-graft effort, on the other hand, has been chastised for being used as a political tool.