Isabel dos Santos, the woman who allegedly ‘ripped off’ Angola, has encountered a significant legal setback in the UK High Court, where her efforts to prevent freezing her assets were unsuccessful. Dos Santos, the daughter of Angola’s former president José Eduardo dos Santos, who ruled Angola for 38 years, is embroiled in a legal battle with the Angolan telecom firm Unitel, which is seeking damages of $733m (£580m).
Background of the Lawsuit
Unitel is pursuing damages of $733 million against dos Santos, stemming from her tenure as a director of the company. The firm accuses her of financial misconduct resulting in substantial losses. Dos Santos, however, contends that the lawsuit is a politically motivated vendetta against her.
The dispute centers around loans totaling around $400 million, extended from Unitel to Unitel International Holdings (UIH), reportedly owned and controlled by dos Santos. Unitel alleges that these loans, which ceased being serviced in terms of interest payments in early 2020, were procured for dos Santos’ personal benefit under non-commercial terms and without adequate security.
Dos Santos has faced longstanding accusations of using her influential position in Angola for personal enrichment, which she vehemently denies. The BBC’s reporting on leaked documents suggests her wealth was amassed through corrupt practices and exploitation of Angola’s resources, charges she dismisses as politically orchestrated.
Unitel‘s request for a worldwide freezing order on dos Santos’ assets was heard by London’s High Court, where it was revealed that her assets include significant property holdings in the UK, Monaco, and Dubai. The court’s decision to grant the freezing order reflects the serious nature of the allegations against her.
Dos Santos’ Defense
Denying the allegations, Isabel dos Santos insisted the loans were approved by Unitel’s board and shareholders and were executed in good faith. She argues that the legal actions are part of a broader political campaign spearheaded by the current Angolan government.
Implications of the Ruling
The High Court’s ruling, delivering a freezing order in favor of Unitel, signifies a pivotal moment in this high-profile case. It highlights the ongoing global scrutiny of dos Santos’ financial activities and the complexities surrounding her vast wealth, which was once estimated at $2 billion but is currently under dispute across various jurisdictions.
