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News - December 28, 2022

Former Richest Woman in Africa to Lose Over $1 Billion in Asset

According to a recent report, the Public Ministry asked the Angolan Supreme Court to seek the confiscation of properties owned by Isabel dos Santos, the daughter of the former president of the country.

The value of the properties seized by the court was worth up to $1 billion. The court ruling, according to the newspaper, is connected to a millionaire embezzlement case that has been going on for some time.

“There are indications of embezzlement, influence peddling, economic participation in business and money laundering, foreseen and punishable”, the report by Angolan state-owned news publication, Jornaldeangola, read in part.


Isabel dos Santos: The Rise and Fall of the Richest Woman in Africa

Seizing shares of Mozambique telecommunications 

The Angolan Supreme Court also ordered the seizure of 70% of the defendant’s shares in Upstar Comunicaço and the freezing of 70% of the shares of the Mozambique telecommunications company Mstar.

According to a report by the news agency Reuters earlier this month, the international police organisation Interpol has reportedly asked law enforcement agencies all over the world to find and temporarily detain Angolan billionaire Isabel dos Santos.

Isabel dos Santos said that she was being politically targeted when Interpol issued a red alert rather than an international arrest order.

This corruption issue has been going on for years, and she has been accused of using public funds to advance her own commercial interests. 

While her father was President, she and her husband are said to have used $1 billion in public funds to finance businesses in which they had stakes, including Sonangol, an oil company.

According to some official records, Isabel dos Santos was sought after for a number of offences, including alleged fraud, influence peddling, money laundering, and embezzlement.

With an estimated net worth of $1.5 billion, Isabel dos Santos was ranked by Forbes magazine as Africa’s richest woman in 2020. She is the daughter of the late Jose Eduardo dos Santos, the former president of Angola, whose 38-year rule came to an end in 2017.


Interpol to Arrest Angolan Billionaire Isabel dos Santos

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