A court in Angola has sentenced Carlos Manuel de São Vicente, to nine years in jail.
De São is accused of embezzlement, tax fraud and money laundering, to a tune of $900 million according to the Novo journal a local newspaper.
In it's rulling, the court asked the Angolan government to confiscate assets belonging to De São.
The defense team intends to appeal Thursday’s ruling against the tycoon entrepreneur who has links with two former presidents
Mr. De São Vicente was in detention for more than a year before his court case began in February.
The son in-law to Angola’s first President Agostinho Neto, De São was given the monopoly of insuring the country’s lucrative, state-controlled oil industry during the presidency of José Eduardo dos Santos.
De São Vicente, a Portuguese-Angolan citizen, was a prominent figure who also headed the privately-owned AAA Seguros group, which sold insurance and reinsurance contracts to the state oil company, Sonangol. He simultaneously served as the chairman and CEO of AAA Seguros and a managing director at Sonangol from 2000 to 2016. Angolan authorities allege that Sao Vicente used his position to siphon hundreds of millions of dollars from business conducted with foreign oil companies operating in Angola.
The government of incumbent President João Lourenço has pursued several corruption cases against people linked to Mr. Dos Santos.
However, the anti-graft campaign has also drawn criticism for being used as a political weapon.