Africa’s richest woman Isabel dos Santos is being accused of embezzling over $ 1 billion from Angolan state-owned firms.
Lisbon — The Portuguese government took control of a stake held by Angolan businesswoman, and Africa’s richest woman Isabel dos Santos in Efacec Power Solutions SGPS SA as it attempts to help the manufacturer find a new shareholder, Bloomberg news agency reports.
The eldest child and daughter of late President of Angola Jose Eduardo dos Santos, often named as the “richest woman of Africa” complained about the injustice committed to her. Ms.Dos Santos also denied any wrong-doings, used as a pretext to seize, and privatize part of her immense wealth.
The Portuguese government seizes new assets held by Isabel dos Santos, the daughter of Angola’s former president and Africa’s richest woman https://t.co/E1ugxPWBKZ
— Bloomberg Africa (@BBGAfrica) July 3, 2020
The 72% stake in Efacec was held through Malta-based firm Winterfell 2, which is indirectly controlled by Isabel dos Santos, Economy minister Pedro Siza Vieira said in Lisbon on July 2 following a cabinet meeting. The government will immediately launch a plan to sell the stake and there are already proposals from various companies, he said.
An “impasse” in Efacec’s shareholder structure has led the producer of electrical equipment including transformers to face some difficulties with clients, suppliers, and creditors, and some orders have been canceled in the last few weeks, according to Siza Vieira. Efacec has annual sales of about €400M, the minister said.
Efacec said in January that dos Santos planned to sell her majority stake in the company.
Fonte da PGR de Angola disse à Lusa que @IsabelaAngola e o marido podem aproveitar a fase de conciliação dos respetivos processos cíveis para tentar entendimento. @Sindika_Dokolo admite “ser do interesse do todos encontrar uma saída o mais rápido possível” https://t.co/VZDulzlr3m
— Euronews Português (@euronewspt) July 3, 2020
In December, an Angolan court froze some assets of dos Santos, as well as those of her husband Sindika Dokolo and one of her executives, after prosecutors alleged they engaged in deals with state-owned companies that led to the Angolan government incurring losses.
I have been denied justice.The Judge refused to acknowledge the obviously false evidence, including a false passport signed by Bruce Lee, used to justify the freeze order.The allegations against me are without substance and based on fake evidence and a series of fabricated emails
— Isabel Dos Santos (@isabelaangola) June 30, 2020
In February, Portuguese prosecutors froze her bank accounts in the country. Dos Santos has previously denied any wrongdoing.
Angolan billionaire businesswoman said she had been “denied justice” after losing an appeal against an asset freeze over alleged corruption.
Described by Forbes magazine as the wealthiest woman in Africa, she is accused of diverting billions of dollars from state companies during her father Jose Eduardo dos Santos’s nearly 40-year rule of the oil-rich nation.
“I have been denied justice from the courts in Angola and Portugal,” dos Santos said in a statement.