Dubai-based Emirates announced the immediate end to its 10-year contract to manage TAAG Angola after repeated difficulties trying to repatriate revenue. Most of the US$340 million in funds being held by Angola reportedly belongs to the UAE airline. The West African nation has been in a deepening financial crisis since 2014 due to falling crude oil exports and exchange rates, causing problems for foreign companies operating in the country. To alleviate the worsening crisis, Luanda had to impose restrictions on the flow of foreign currency outside the country.
Emirates has also cut the frequency of its service from Dubai to Luanda, from five to three times per week, as of July 9th, 2017. Prior to the cut in services and the cessation of the strategic agreement, Emirates President Tim Clark unsuccessfully attempted to remedy the situation in a series of three letters to Angola's Transport Minister, Augusto da Silva Tomas.
As a result of these events, TAAG CEO Peter Hill reportedly left the country, and was replaced by deputy chairman Joaquim da Cunha, who was chairman and CEO prior to the Emirates contract.