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ToggleIsabel dos Santos Suffers Defeat in Court
The High Court in London rejected the appeal of Angolan businesswoman Isabel dos Santos, maintaining the freezing of her worldwide assets, valued at approximately €695 million, imposed by the UK court.
The decision, reported by Reuters, represents another setback for the businesswoman, as part of a lawsuit filed by the Angolan telecommunications operator Unitel, where Isabel dos Santos was once the majority shareholder.
The origin of the case dates back to loans considered fraudulent, granted by Unitel to Unitel International Holdings (UIH) – a Dutch company owned by Isabel dos Santos – between 2012 and 2013. These loans were allegedly used to finance the acquisition of shares in other telecommunications companies.
At the time, Isabel dos Santos was a director of Unitel and owned UIH, a company that, despite its similar name, has no direct connection to the Angolan operator. In December 2022, Judge Robert Bright of the High Commercial Court in London issued a worldwide order freezing Isabel dos Santos' assets.
The decision has now been reconfirmed, with the High Court in London rejecting the businesswoman's appeal to overturn the freezing order.
Accusations of negligent management
Unitel's lawyers allege that Isabel dos Santos harmed the company by granting loans to UIH totaling €323 million and $43 million (approximately €38,5 million at the current exchange rate).
According to Unitel, the loans were granted at “unjustifiably low” interest rates and without sufficient guarantees, which, for the Angolan company, represented a breach of the duties of diligence and loyalty on the part of Isabel dos Santos, who at the time was the operator's director.
Furthermore, Unitel claims that UIH has not paid any interest on these loans since the end of 2019. Isabel dos Santos also claims that she is being targeted by political persecution led by Angolan President João Lourenço, which, according to her, has made it difficult to repay the loans, as her assets have been illegally seized.
Arrest Warrant
However, the United Arab Emirates, where Isabel dos Santos resides, does not have an extradition agreement with Angola, which has made it difficult to execute this warrant.
The Center for Economic and Social Development Studies in Africa (CEDESA) criticizes the UAE for failing to comply with its international legal obligations, insinuating that the country serves as a refuge for politically exposed figures, receiving significant economic benefits for this role.
Divestment in Portugal
However, with the completion of this sale, the businesswoman closed her business in Portugal. Meanwhile, Angolan authorities have encountered difficulties in recovering Isabel dos Santos's assets abroad.
In August 2023, four Angolan civil society organizations expressed concern about the lack of agreements between Angola and Portugal regarding the return of assets confiscated from the businesswoman in Portuguese territory.
Legal expert Rui Verde noted that the Angolan Attorney General's Office has faced obstacles due to its inexperience in handling international asset recovery processes. Furthermore, some states are reluctant to see "millions and millions" being withdrawn from their economies and banking systems.
Isabel dos Santos faces legal proceedings in Angola and other jurisdictions that have resulted in the seizure of accounts and assets in several countries.
The London Commercial Court identified among the frozen assets properties in the United Kingdom worth £33,5 million (approximately €40 million), in Monaco (US$55 million, or €49 million), and in Dubai (US$40 million, or €36 million). Furthermore, several of the businesswoman's bank accounts are frozen in Angola, Portugal, the British Virgin Islands, and South Africa.
UIH's shares in the holding company ZOPT—which holds a stake in the Portuguese operator NOS—were also frozen in favor of Unitel, following a lawsuit in Portugal. Isabel dos Santos, once considered Africa's richest woman, is being charged with 12 crimes related to her management of the Angolan state oil company Sonangol between 2016 and 2017.
The accusations gained momentum after the revelations of “Luanda Leaks,” an investigation conducted by the International Consortium of Investigative Journalists that exposed alleged financial schemes used by the businesswoman to divert public funds through tax havens.
The rejection of Isabel dos Santos's appeal by the London High Court represents another blow to her efforts to avoid the freezing of her assets. The businesswoman faces increasing legal pressure on several fronts, with ongoing cases in Angola, the United Kingdom, Portugal, and other jurisdictions.
Despite continuing to claim to be a victim of political persecution, the legal siege around Isabel dos Santos appears to be tightening, as authorities attempt to recover assets allegedly misappropriated during her tenure at several Angolan companies.
Picture: © 2023 Isabel dos Santos
