Isabel dos Santos, once celebrated as Africa’s wealthiest woman, is confronting a substantial freeze on her assets amounting to $734 million.
This legal setback comes as a result of a dispute with Angolan telecommunications firm Unitel SA, which secured an asset freeze against Isabel dos Santos and her Dutch holding company, Unitel International Holdings BV (UIH), in a London court ruling.
The legal contention revolves around allegations by Unitel that dos Santos defaulted on loans, totalling approximately €325 million and $44 million. These loans were intended to fund UIH’s investments in various telecommunications enterprises. Despite the similarity in names, the two entities involved in the lawsuit do not share direct corporate connections.
Dos Santos, who has been residing outside Angola, now finds herself faced with a freeze on her assets, adding to a series of legal disputes and controversies surrounding her business dealings. Dos Santos faced a change in fortune in 2020, being ousted from the continent’s richest list amid accusations of embezzlement and money laundering.
The legal proceedings point to dos Santos’ controversial journey since being accused of causing over $5 billion in losses to Angola during her father’s 38-year rule. Her assets in Angola and Portugal have already been frozen, and INTERPOL has issued an international arrest warrant against her. Dos Santos denies any wrongdoing.
In response to the legal action, dos Santos’s legal team contends that the lawsuit is politically motivated, suggesting it is orchestrated by the Angolan government amid political rivalries. The intricacies of the case, they argue, need to be viewed in light of broader political feuding.
The freezing order, granted by a London judge, encompasses dos Santos’ properties in London, Dubai, and Monaco, with a combined value exceeding $100 million. Unitel argued that the loan terms were “uncommercial,” featuring disproportionately low-interest rates, and were sought by Isabel dos Santos for personal gain. The judge’s decision emphasised dos Santos’ association with Unitel until November 2020, highlighting the company’s effective control by the Angolan State.
The legal battle adds to dos Santos’ complex financial history, characterised by preferential allocation of companies, public contracts, tax breaks, and other means, as revealed in the 2020 Luanda Leaks.
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