The London High Court has put a freeze on assets valued at $734 million belonging to Isabel dos Santos, who was once considered the wealthiest woman in Africa. This decision comes after she lost a protracted legal battle.
Ms. Dos Isabel Santos found herself in a legal dispute with Unitel International Holdings (UIH), an Angolan telecoms company. UIH was seeking damages amounting to $733 million (£580 million) for financial decisions she made while serving as a director of the company in 2012 and 2013.
It has been reported that Ms. Dos Isabel Santos, the daughter of a former president, arranged loans to fund UIH’s purchase of shares in various telecom companies during her tenure at Unitel.
Ms. Dos Santos has refuted these claims, suggesting that the lawsuit is part of a political campaign against her by the Angolan government. She asserted that the loans were sanctioned in good faith by the board and shareholders of Unitel.
Isabel stated that the asset freeze should be seen in the context of political disputes in Angola, which she says stem from her attempts to eradicate corruption while she was in charge of the country’s state oil company.
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Court documents indicate that Unitel is effectively under the control of the Angolan State following changes in its ownership and management in 2020.
Despite this, the High Court issued a freezing order in favor of Unitel on December 20, according to a BBC report. During a court hearing, the BBC also revealed that Ms. Dos Santos, who was once thought to be Africa’s richest woman with a fortune estimated at $2 billion, owns assets including UK property valued at up to £33.5 million ($42 million) and property in Monaco and Dubai worth $95 million.
While the judge has not yet determined the terms of the order, he cautioned Ms. Dos Santos that her case appears to be a clear instance of a worldwide freezing order that goes beyond the immediate jurisdiction of the High Court.