Angolan billionaire Isabel dos Santos has lost an appeal in London’s High Court to overturn an order that froze up to $778 million of her assets. Dos Santos, Africa’s first female billionaire and the daughter of former Angolan president Jose Eduardo dos Santos, faced the ruling as part of an ongoing lawsuit brought by Angolan telecoms operator Unitel.
Court rules against Dos Santos
In December 2023, Unitel secured a worldwide freezing order on dos Santos’ assets, alleging unpaid loans that were issued to Unitel International Holdings (UIH) in 2012 and 2013—loans intended to acquire telecom shares. Dos Santos, who was a director at Unitel at the time, owns and controls UIH, the court said.
The Court of Appeal on Monday rejected dos Santos’ attempt to overturn the asset freeze, marking a significant setback for the billionaire, who has long denied accusations of corruption and insists she is a target of political persecution.
Legal background and allegations
The lawsuit revolves around loans made to UIH, a separate entity from Unitel despite their similar names. According to Unitel, these loans were never repaid, leaving an outstanding amount of approximately £300 million. Dos Santos resigned from Unitel’s board in 2020 and has argued that Unitel itself is responsible for UIH’s inability to repay, accusing the company of facilitating Angola’s unlawful seizure of UIH’s assets.
This ruling comes amid mounting legal troubles for dos Santos, whose wealth and business dealings have been scrutinised since her father’s presidency ended in 2017. She maintains that she is facing a politically motivated campaign against her.
The outcome of this case will have significant implications, not just for dos Santos but for Angola’s ongoing battle against alleged corruption tied to the previous regime.
