Isabel dos Santos, the first female billionaire in Africa, has lost her attempt to overturn a ruling that froze assets worth £580 million ($778 million) in a legal case at London’s High Court, according to Reuters.
The Angolan billionaire, whose father is Jose Eduardo dos Santos (The Angolan President from 1979 to 2017), has been facing allegations of corruption in Angola for an extended period. Angolan telecom operator Unitel is currently suing her.
In December 2020, Unitel obtained a global freezing order on dos Santos’ assets, and the Court of Appeal upheld that decision on Monday.
Unitel’s lawsuit
In 2020, Unitel filed a lawsuit against Isabel dos Santos’ Dutch company, Unitel International Holdings (UIH), concerning loans provided in 2012 and 2013 while Dos Santos was a director at Unitel. These loans were intended to assist UIH in acquiring shares in a telecom company.
Unitel’s legal representatives claim that the loans have not been repaid, leaving an outstanding balance of nearly $395 million plus interest. Dos Santos was added to the lawsuit in May.
Isabel dos Santos argues that Unitel is responsible for UIH’s inability to repay the loans, claiming this stems from Unitel’s alleged role in the unlawful seizure of UIH’s assets by the Angolan government. She has firmly denied all allegations against her, with her legal team describing the accusations as a “political conspiracy.”
The Angolan billionaire is facing ongoing scrutiny over corruption allegations in Angola. She and her husband are accused of misappropriating $1 billion in state funds to support businesses they owned during her father’s presidency, particularly the oil giant Sonangol.
Dos Santos rejected these allegations, stating that she is the target of a lengthy political vendetta, which has led to the freezing or confiscation of her assets in Angola and Portugal.