The money paid as signing bonuses allegedly end up directly in the deep pockets of Angola’s president.
The two Norwegian companies Statoil and Norsk Hydro have paid large signing bonuses in order to get access to Angola, but while Statoil reveals the amount paid, Norsk Hydro refuses to do so.
Tor Sternum, head of information at Norsk Hyrdro confirmed to Aftenposten that the company had paid a signing bonus to Angola in cash, but stated that Hydro could not reveal the exact amount because of an agreement made with the authorities in Angola.
According to the Norwegian daily Aftenposten, International media and other sources have estimated that Hydro has paid a total of NOK 750 million (USD 107 million) in bonuses to Angola.
The International Monetary Fund and Financial Times have revealed that Angola’s president uses most of the oil income to his own personal spending.