Angolan Billionaire Isabel dos Santos Loses Appeal in London Asset Freeze Case

London, – Isabel dos Santos, Africa’s first female billionaire and daughter of former Angolan President José Eduardo dos Santos, has lost her appeal to overturn an asset freeze order in a lawsuit at London’s High Court.

The court ruled on Monday to uphold a previous decision that froze up to £580 million ($778 million) of her assets as part of a case brought by Angolan telecoms operator Unitel. The company had been granted a worldwide freezing order over dos Santos’ assets in December, and the Court of Appeal rejected her challenge to reverse that decision.

Dos Santos, who has been embroiled in corruption allegations in Angola for years, denies any wrongdoing. She claims she is the victim of a politically motivated vendetta.

The lawsuit stems from loans made by Unitel to Unitel International Holdings (UIH), a Dutch company controlled by dos Santos, in 2012 and 2013. At the time, dos Santos served as a director of Unitel. The loans were intended to fund UIH’s acquisition of shares in telecom companies, but Unitel claims the loans were never repaid, leaving a balance of approximately £300 million.

In her defense, dos Santos argues that Unitel is responsible for UIH’s inability to repay the loans, accusing the company of playing a role in the unlawful seizure of UIH’s assets by the Angolan government. Dos Santos resigned from her position as a director of Unitel in 2020, and the two companies, despite their shared name, are not legally connected.

The case is part of ongoing legal battles faced by dos Santos, whose wealth and business dealings have come under scrutiny following her father’s departure from power after 38 years of rule in Angola.

Source: Reuters