Tag Archives: Isabel Dos Santos

Angola to improve industry transparency

Angola announced intention to join the Extractive Industries Transparency Initiative (EITI), an international effort to fight corruption in revenues from oil, gas and mineral extraction.

Tete Antonio, Angola’s Minister of Foreign affairs, informed via his Twitter micro blog on August 28 that the government “has clearly demonstrated its commitment to promote the open and accountable management of its natural resources for the benefit of its people.”

EITI, formed in 2003, has more than 50 implementing countries.

Angola’s President Joao Lourenco has announced an anti-corruption strategy since ascending to power after Jose Eduardo dos Santos stepped down in 2017 after a near four-decade rule.

Earlier this month on August 14, a court in Luanda sentenced dos Santos’s son – José Filomeno – to five years in prison over a $500 million corruption case.

Africa’s second-largest oil exporter is also working to stem a steady decline in oil output due to a lack of investment.

On August 11 late President daughter Isabel Isabel dos Santos, Africa’s richest woman ($2,1bn ), stepped down from the board of Angolan telecommunications operator Unitel SA in an attempt to ease tensions between management and shareholders over her influence at the company.

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.

Isabel Dos Santos accuses fraudsters

Africa’s richest woman, Isabel dos Santos, denounes fraudsters, insisting that a fake copy of her passport with the signature of martial artist and celbrity Bruce Lee was used to seize her assets in Angola and in Portugal.

An internet fraudster claiming to represent her interests used the document to propose a loan to a Japanese startup before Angolan authorities presented it as part of evidence that she was attempting to transfer large sums of money abroad, Dos Santos said May 12 in an statement that includes pictures of the forged passport. While the authenticity of a copy of her passport was investigated in one of those cases, the elements proved in that process “weren’t based on any identity document, but on documents that attested to the fear of dissipation of assets,” it said in a statement.

This not only served as the basis for the confiscation of all the property of Ms dos Santos in Angola, but also for a rogatory letter asking the Portuguese judiciary to freeze her assets in Portugal,” Dos Santos said.

Dos Santos’s assets in Angola were frozen late last year after authorities in the southwest African nation accused her of engaging in deals with state-owned companies that cost the state $1.14 billion. In February, Portuguese prosecutors also froze Dos Santos assets in the country, home to a sizable portion of her estimated $2.4 billion fortune, according to data compiled by Bloomberg.

The daughter of late President Jose Eduardo dos Santos, who has been living outside Angola since 2018, has denied any wrongdoing and insisted that the allegations are politically motivated to prevent her from participation in elections.

In an exclusive interview with DW TV, the Angolan president spoke about the scandal. Joao Lourenco said no one was exempt in the fight against corruption in Angola, and that there would be “no negotiations” with people who had allegedly taken their assets out of the country illegally.

Angola’s prosecutor general’s office said late on May 12 that Dos Santos currently faces several civil and criminal cases in which the state claims more than $5 billion, which were acquired through fraudulent manipulations with state aid.

Isabel dos Santos’ assets have been frozen in Angola. On January 22, the country’s prosecutors charged her with money laundering, influence peddling, harmful management, forgery of documents and other economic crimes during her time as head of the national oil company, Sonangol, from 2016 to 2017.

The charges against Isabel dos Santos were brought after an investigation into the scandal led by the International Consortium of Investigative Journalists (ICIJ) using more than 715,000 leaked files. The richest woman of Africa, as she is often referred to, has vehemently denied the accusations, and claimed she is the target of political persecution.

Isabel dos Santos to sue press

Angolan billionaire Isabel dos Santos said she was launching legal action against a consortium of journalists and its media partners over the publication of thousands of documents about her business empire, Reuters reports.

Isabel dos Santos, will be represented by the American law firm Schillings Partners, which represents personalities such as Cristiano Ronaldo, Harry and Meghan Markle, JK Rowling and Lance Armstrong, in the lawsuits she has instituted against the consortium of journalists, according to Visão magazine.

 

Dokolo art collection future in question

The assets of Congolese art collector Sindika Dokolo who is renown for years of repatriation of African artefacts from Western collections have been frozen together with his wife’s fortune. Isabel dos Santos, often referred to as ‘richest African businesswoman‘, the billionaire daughter of the country’s former president, and her husband are facing trail for failing to repay to Angola an amount of $1bn in state loans claimed to be borrowed during her father’s term in office. (Image above: Bozar, Brussels).

The incumbent Angola’s president, Joao Lourenço, who took office in 2017, is attempting to recover the state loans he insists Dos Santos borrowed, abusing her proximity to power, and failed to repay during her father’s term in office.

Dos Santos personal fortune estimated by Forbes at $2.2bn, runs a vast business empire with large stakes in Angola companies across multiple sectors such as banking, telecoms and supermarkets.

Sindika Dokolo  has been devoted to search and repatriation of  precious artefacts which had left the continent during the colonial era to enter the European and US collections.

Dokolo is also a major collector of contemporary African art owning more than 3,000 masterpieces from different origins, and periods, including significant pieces of contemporary artists.

This contemporary art collection, which is administered by the Sindika Dokolo Foundation, is based in the Luanda, according to its website, although some artefacts may be stored abroad, including Dokolo‘s native Congo. At present there is no information about future destiny of the collection.

 

Isabel Dos Santos assets freeze

“Angola has frozen the assets of the billionaire Isabel dos Santos, daughter of the country’s former leader, in a move, indicating that incumbent President João Lourenço is aiming at tougher stance against the former first family.

“Since closing the chapter of José Eduardo dos Santos’ nearly 40-year grip on power in 2017, President Lourenço has been trying to neutralise the influence of his predecessor and reform sub-Saharan third-largest economy. Nowadays Lourenço is under increasing pressure while Angola economy continues delcine.

“Isabel dos Santos stated that the asset freeze was “politically motivated” and that the case against her had been held in total secrecy.

The judgment contains statements which are completely untrue,” she said in a statement. She later told Reuters new agency by phone that she had never been summoned or questioned by an Angolan court or prosecutors.

Considered to be “Africa’s wealthiest woman”, Isabel dos Santos amassed a fortune estimated at more than $2 billion through stakes in Angolan companies including banks and the telecoms firm Unitel, earning her the nickname “the Princess”.

She chaired the state oil company Sonangol before being sacked by Lourenço months after he came to power.