The London High Court has frozen the assets worth $734 million of 50-year-old Isabel dos Santos, once Africa’s richest woman, following her loss in a lengthy legal dispute.
Ms Dos Santos was in a legal fight with Angolan telecoms company Unitel International Holdings (UIH), which sought damages of $733 million (£580 million) due to financial decisions made by her during her time as a director of the company in 2012 and 2013.
Reports suggest that Isabel dos Santos, who is the daughter of a former president, facilitated loans to finance UIH’s acquisition of shares in various telecom companies while working as a director at Unitel.
Ms Dos Santos denied these allegations and suggested that the court case is a political campaign against her by the Angolan government.
She claimed that the loans were approved in good faith by Unitel’s board and shareholders.
She said the freezing order must be viewed in the light of political feuding in Angola, arising from her efforts to root out corruption during her time running the country’s state oil company.
According to court documents, Unitel is ultimately in the effective control of the Angolan State following changes to its ownership and management in 2020.
However, the High Court granted a freezing order in favour of Unitel on 20 December, as per a report by the BBC.
During a court hearing, according to the BBC, it was also disclosed that Ms Dos Santos, once considered Africa’s wealthiest woman with an estimated fortune of $2 billion, holds assets that include property in the UK worth up to £33.5 million ($42 million) and property worth $95 million in Monaco and Dubai.
While the judge has yet to decide the terms of the order, he warned Ms Dos Santos that her case seems like a clear example of a worldwide freezing order that exceeds the immediate jurisdiction of the High Court.
