Portugal takes control of Dos Santos shares

The Portuguese government took control of a stake held by Angolan investor Isabel dos Santos in Efacec Power Solutions SGPS SA as it attempts to help the manufacturer find a new shareholder, Bloomberg news agency reports. The daughter of late President of Angola Eduardo dos Santos, often named as the “richest woman of Africa” complained about injustice committed to her. Ms.Dos Santos also denied any wrong-doings, used as a pretext to seaze and privatase part of her immense wealth.

The 72% stake in Efacec was held through Malta-based firm Winterfell 2, which is indirectly controlled by Isabel dos Santos, Economy Minister Pedro Siza Vieira said in Lisbon on July 2 following a cabinet meeting. The government will immediately launch a plan to sell the stake and there are already proposals from various companies, he said.

An “impasse” in Efacec’s shareholder structure has led the producer of electrical equipment including transformers to face some difficulties with clients, suppliers and creditors, and some orders have been canceled in the last few weeks, according to Siza Vieira. Efacec has annual sales of about €400M, the minister said.

Efacec said in January that dos Santos planned to sell her majority stake in the company.

In December, an Angolan court froze some assets of dos Santos, as well as those of her husband Sindika Dokolo and one of her executives, after prosecutors alleged they engaged in deals with state-owned companies that led to the Angolan government incurring losses.

In February, Portuguese prosecutors froze her bank accounts in the country. Dos Santos has previously denied any wrongdoing.

Angolan billionaire businesswoman said she had been “denied justice” after losing an appeal against an asset freeze over alleged corruption.

Described by Forbes magazine as the wealthiest woman in Africa, she is accused of diverting billions of dollars from state companies during her father Jose Eduardo dos Santos’s nearly 40-year rule of the oil-rich nation.

Since her father retired in 2017, her business empire has been targeted by his successor, Joao Lourenco, who has vowed to defeat corruption.

“I have been denied justice from the courts in Angola and Portugal,” dos Santos said in a statement.

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