London’s High Court ruled against Angolan billionaire Isabel dos Santos on Wednesday, approving an application to freeze approximately £580 million ($735 million) of her assets. Dos Santos, renowned as Africa’s first female billionaire and daughter of former Angolan President Jose Eduardo dos Santos, faced a legal setback amid ongoing corruption allegations in her home country.
The legal dispute revolves around dos Santos’s involvement in Angolan telecoms operator Unitel, which filed for a global freezing order on her assets during a hearing last month. Judge Robert Bright granted this order, allowing dos Santos until the upcoming month to disclose her assets, encompassing properties located in London, Monaco, and Dubai.
Unitel initiated legal action against dos Santos concerning loans extended to a separate Dutch company, Unitel International Holdings (UIH), between 2012 and 2013.
These funds were intended for UIH’s acquisition of shares in telecoms companies during dos Santos’s tenure as a Unitel director. However, the loans were left unpaid, leaving around £300 million outstanding, according to Unitel’s claims. Dos Santos was added to the lawsuit in May, a move she contests, citing a purported political vendetta against her.
Dos Santos alleges that Unitel played a role in the unlawful seizure of UIH assets in Angola, consequently hindering UIH’s ability to repay the loans.
Contrarily, Unitel denies involvement in the asset seizure and asserts that dos Santos is attempting to manipulate the case as part of a larger public relations battle against her father’s successor, Joao Lourenco. Despite dos Santos’s resignation as a Unitel director in 2020, she remains the owner of UIH.
In defense, dos Santos highlighted the freezing and seizure of her assets in other countries, such as Angola and Portugal, arguing against the necessity of further freezing orders.
However, Judge Bright, in a written ruling, dismissed this contention, stating that the existing freezing orders elsewhere did not preclude the need for an additional order in this court’s jurisdiction.
The legal tussle intensifies as dos Santos continues to refute corruption allegations while navigating multiple legal battles spanning various jurisdictions, adding to the complex legal saga surrounding her financial holdings and corporate involvement.
The outcome of this legal battle signifies a pivotal moment in dos Santos’s ongoing legal challenges and the wider narrative of allegations surrounding her financial dealings in Angola and abroad.
