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Banking documents reveal consulting giants’ cash windfall under Angolan billionaire Isabel dos Santos
Boston Consulting Group, PwC, and McKinsey made tens of millions from a project to modernize state-owned oil company Sonangol, despite red flags indicating corruption. February 15, 2021
Three of the world’s largest consulting firms received tens of millions of dollars in payments from an obscure firm in Dubai to help restructure Angola’s corruption-ridden oil sector, according to documents that reveal new details about suspicious money flows described in the globe-spanning Luanda Leaks investigation.
The Dubai firm, Matter Business Solutions, forwarded $31.2 million to Boston Consulting Group, $21.4 to PwC and $15.4 million to McKinsey as part of a 2017 project to modernize Sonangol, Angola’s state-owned oil company, according to bank statements and other documents seen by the Portuguese news outlets Expresso and SIC.