Mysterious Admiralty firms' Africa deals attract US interest

Taking up one floor of an upmarket office building in Admiralty is a cluster of companies whose multibillion-dollar deals in Africa, the United States and other countries have aroused suspicion and controversy.

A report by the US-China Economic and Security Review Commission (USCC) refers to the mysterious companies as the '88 Queensway Group' after their common location on the 10th floor of Two Pacific Place, 88 Queensway, Admiralty.

USCC, a US government commission that advises Congress and monitors the implications of Sino-US economic relations for US national security, has questioned whether the 88 Queensway Group has links to Chinese intelligence.

'The lack of transparency and public accountability surrounding the 88 Queensway Group is a major concern for the US,' said the USCC report released earlier this year.

The 10th floor of Two Pacific Place houses the offices of two companies, China Sonangol International and Sonangol Sinopec International. Sonangol Sinopec is a joint venture between the Angolan state oil firm Sonangol and the Chinese state oil firm Sinopec Corp. Corporate records show the 10th floor is also the address of Hong Kong-listed China Sonangol Resources Enterprise, and private firms including China International Fund (CIF).

The most recent reported investments of the 88 Queensway Group were in Zimbabwe and Guinea, both subject to sanctions imposed by the US, European and other nations over alleged human rights abuses.

China, which is making huge investments overseas, especially in the resources sector, now ranks as Africa's second-largest trading partner behind the US.