Angolan Billionaire Isabel dos Santos Loses Appeal...

Angolan Billionaire Isabel dos Santos Loses Appeal Over US$778M Asset Freeze

Zim Now Writer

Isabel dos Santos, the billionaire daughter of Angola’s former President José Eduardo dos Santos, has lost her appeal to overturn a freezing order on assets valued at £580 million ($778 million), according to a ruling by London’s High Court on Monday.

The asset freeze was initiated by Angolan telecoms operator Unitel, which successfully secured a worldwide freezing order against dos Santos' assets. The Court of Appeal has now rejected her attempt to reverse the decision.

Unitel has pursued dos Santos over loans provided to the Dutch company Unitel International Holdings in 2012 and 2013. At the time, dos Santos was a director of Unitel and owned UIH. The loans were intended for the acquisition of shares in various telecommunications companies, but Unitel claims the loans remain unpaid, with an outstanding debt of approximately £300 million.

Dos Santos, who resigned as Unitel’s director in 2020, argues that she is a victim of a politically motivated vendetta. She claims that Unitel’s actions, along with alleged involvement by the Angolan government in unlawfully seizing UIH’s assets, are to blame for the inability to repay the loans.

The Court of Appeal upheld the freezing order, reaffirming that Unitel and UIH are separate entities, despite their similar names. The court also recognized dos Santos’ ownership of UIH, which strengthens Unitel’s claim regarding the unpaid loans.

Once Africa’s richest woman and its first female billionaire, dos Santos has long faced allegations of corruption and mismanagement, which she has consistently denied. These accusations have led to a complicated legal and political battle around her business empire.

Suspicions about her financial practices date back to her father's presidency, which began in 1979. José Eduardo dos Santos was widely believed to have misused Angola's resources. Isabel dos Santos has maintained that her wealth was acquired legitimately, but doubts about this claim intensified after her father stepped down in 2017 and was succeeded by President João Lourenço.

In 2020, the Luanda Leaks, a series of documents published by the International Consortium of Investigative Journalists, revealed how dos Santos amassed her fortune. The leaks detailed how she benefited from preferential treatment, including public contracts, tax breaks, telecom licenses, diamond mining rights, and favorable loans.

Notably, she was appointed CEO of Angola’s state oil company, Sonangol, a vital role in a country heavily dependent on oil revenues. However, she was removed from the position by President Lourenço in November 2017, further intensifying scrutiny of her business dealings.

Dos Santos has maintained that the allegations against her are part of an ongoing "campaign of oppression" led by Angolan authorities.