Álvaro Sobrinho

Álvaro de Oliveira Madaleno Sobrinho is an Angolan philanthropist, banker and businessman.

Álvaro Sobrinho
Sobrinho in 2014
Born
Álvaro de Oliveira Madaleno Sobrinho

Luanda, Angola
OccupationBanker, businessman
Known forFounder of Planet Earth Institute[1]
Websitehttps://alvaro-sobrinho.com/

Career

Banco Espírito Santo

Following ten years with Grupo Banco Espírito Santo, Sobrinho became one of the youngest ever directors of Banco Espírito Santo (BES) in Lisbon (aged 38) and was subsequently tasked with founding the subsidiary company in Angola, Banco Espírito Santo Angola (BESA). Throughout his time at BESA, the bank received multiple awards, including the World Finance award as the Best Bank in Angola in 2009, and Global Finance Magazine's award as the Best Bank in Angola in 2008, 2009, 2010 and 2011.[2]

In July 2014, Portuguese weekly newspaper Expresso reported that BESA did not know to whom it had extended loans worth US$5.7 billion - around 80 percent of its debt portfolio - during the mandate of previous chief executive Álvaro Sobrinho, who left the post in October 2012.[3]

In 2015 Sobrinho was reported to have beaten the allegations[4] and has continued to battle for compensation from the Expresso news outlet.[5]

Banco Valor

In 2013, Sobrinho took charge of Banco Valor Angola as its Executive Chairman[6] although later stood down[7] from executive roles to focus on other business investments. Banco Valor is reportedly the 13th largest bank in Angola.[8]

Investments

Sobrinho also holds large investments in telecommunications with YooMee Africa and the media industry with Newshold Group,[9] as well as additional ventures including publishing, manufacturing, retail, travel business and renewable energies. In 2015 Sobrinho was sported to have driven an investment related to exploration drilling in Ethiopia and Kenya.[10]

Sporting CP

Sobrinho is also the owner of Holdimo, a company with (as of August 2017) the largest private shareholding of Portuguese sports club Sporting CP.[11] In a 2018 interview, Sobrinho said that he and Holdimo would do "everything in their power" to remove the then-president of Sporting, Bruno de Carvalho, from his position,[12] following the poor performance of the football team and tensions between supporters after the violent attack by Sporting fans on the team's players and manager at their training ground on 15 May that year.[13]

Philanthropy

Sobrinho is involved with philanthropy in Africa, as the Founding Chairman of the Planet Earth Institute (PEI) in London.[14] The Planet Earth Institute is accredited to the United Nations Environmental Programme and its mission is the "scientific independence of Africa".[15]

In 2015, it was announced that Sobrinho had been appointed by the World Bank as their Business Champion for African Science.[16]

Sobrinho has also donated to other Africa-focused charities and programmes,[17] including the Duke of Edinburgh International Award and GAVI Alliance.[18]

The Planet Earth Institute launched the Planet Earth Institute Foundation in Mauritius in 2015, with Dr Ameenah Gurib-Fakim, former President of Mauritius, as its Vice-Chairman. The PEI Foundation has awarded scholarships to Mauritian researchers. [19]

Allegations

Estoril Sol

Portuguese authorities had investigated Sobrinho when he was the chairman of Banco Espírito Santo Angola (BESA in relation to his use of an overseas company to purchase six apartments in the Estoril Sol Residence[20][21] complex in Lisbon, Portugal, with an initial payment of €9.5 million.[22][23]

During the investigations the apartments were seized by court order but were later returned to Sobrinho by the court of appeal because of a lack of evidence.[24]

Monte Branco

Sobrinho was also a shareholder of Swiss wealth management company Akoya Asset Management, which featured briefly in the Monte Branco investigation into tax evasion.[25]

Sobrinho ordered an investigation from the Swiss authorities, that cleared him and all non-executive shareholders of wrongdoing.[26][27]

References
  1. http://www.dw.com/pt-002/planet-earth-institute-de-%C3%A1lvaro-sobrinho-e-a-demiss%C3%A3o-da-presidente-das-maur%C3%ADcias/a-43187110
  2. "Angola - Alvaro Sobrinho, Chairman of BESA - Worldfolio - AFA PRESS". Worldfolio. Archived from the original on 2 November 2012. Retrieved 2014-08-03.
  3. "Grupo Espírito Santo. Álvaro Sobrinho suspeito de desviar centenas de milhões de euros do BESA". PÚBLICO (in Portuguese). Retrieved 2018-06-11.
  4. Dr Álvaro Sobrinho beats allegations following collapse of Banco Espírito Santo. bloomberg.com. 4 July 2014
  5. Allegations dismissed for Banco Espírito Santo's Angola CEO. cpifinancial.net. from 8 April 2015
  6. "BANCO VALOR À distância de um Gesto". Bancovalor.ao. Archived from the original on 14 July 2014. Retrieved 2014-08-03.
  7. "Álvaro Sobrinho sai da liderança do Banco Valor" (in Portuguese). Retrieved 2018-05-21.
  8. "Banking Review 2016 | Deloitte Angola | Article". Deloitte Angola (in Portuguese). Retrieved 2018-05-21.
  9. "Newshold reduz posição na Cofina para 12% - Media - Jornal de Negócios". Jornaldenegocios.pt. Retrieved 2014-08-03.
  10. "Hotspur Geothermal | Exploring for and producing affordable, clean, and sustainable energy | News". www.hotspurgeothermal.com. Retrieved 2018-05-21.
  11. Onishi, Norimitsu (22 August 2017). "Portugal Dominated Angola for Centuries. Now the Roles Are Reversed". The New York Times (in Portuguese). ISSN 0362-4331. Retrieved 31 August 2017. In Portugal, he became the major shareholder in Sporting Lisbon, a major soccer team, and also bought two newspapers.
  12. Group, Global Media (2018-05-19). "Álvaro Sobrinho promete fazer tudo para tirar "malfeitor" Bruno de Carvalho da SAD". DN (in Portuguese). Retrieved 2018-05-21.
  13. "Sporting Lisbon 'condemn aggression' after reports players were attacked". BBC Sport. 2018-05-15. Retrieved 2018-05-21.
  14. "The Planet Earth Institute welcomes new Trustees | Planet Earth Institute Worldwide". 2012-10-26. Archived from the original on 2012-10-26. Retrieved 2018-06-11.
  15. Álvaro Sobrinho. "Time for an African science agenda? - This is Africa". Thisisafricaonline.com. Archived from the original on 3 December 2013. Retrieved 2014-08-03.
  16. "African Governments and Business Leaders Join to Launch Regional Scholarship and Innovation Fund". World Bank. Retrieved 2018-05-21.
  17. "Álvaro Sobrinho Africa". Dr Álvaro Sobrinho. Retrieved 2018-05-21.
  18. http://www.gavialliance.org/About/Governance/GAVI-Board/Minutes/2014/18-June/Minutes/03---CEO-s-report/
  19. "President Fakim and PEI launch PhD scholarship programme". Info-Communication. Retrieved 2017-12-02.
  20. Morais, Rafael Marques De (2012-07-29). "Angola: The Angolans' Building in Estoril Sol". Maka Angola (Luanda). Retrieved 2018-05-21.
  21. "O Prédio dos Angolanos no Estoril Sol" (in Portuguese). Retrieved 2018-05-21.
  22. Morais, Rafael Marques De (2012-07-29). "Angola: The Angolans' Building in Estoril Sol". Maka Angola (Luanda). Retrieved 2018-06-11.
  23. "O Prédio dos Angolanos no Estoril Sol". Maka Angola. Retrieved 2014-08-03.
  24. "Tribunal devolve casas a Álvaro Sobrinho" (in Portuguese). Retrieved 2018-05-21.
  25. "O que é a Akoya Asset Management?" (in Portuguese). Retrieved 2018-06-11.
  26. Simões, Sónia. "Akoya, a financeira investigada no processo Monte Branco vai ser dissolvida" [Akoya, financial institution investigated in the process Mont Blanc will be dissolved]. Observador (in Portuguese). Retrieved 2018-05-21.
  27. Rosa, Luís. "Álvaro Sobrinho alvo de nova apreensão de bens por suspeitas de branqueamento de capitais". Observador (in Portuguese). Retrieved 2018-05-21.
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