Angola’s Isabel dos Santos Loses Appeal Against $778 Million Asset Freeze in Unitel Lawsuit
Angolan billionaire Isabel dos Santos faced a setback on Monday when she lost her appeal to reverse a ruling that froze assets worth up to £580 million ($778 million) in a lawsuit at London’s High Court.
This ongoing legal battle, which has captured international attention, involves Unitel, a prominent Angolan telecommunications company, that is suing dos Santos over financial disputes.
Isabel dos Santos, known as Africa’s first female billionaire, is the daughter of Jose Eduardo dos Santos, who governed Angola for 38 years, ending his long tenure in 2017.
The wealth she amassed has been a subject of both admiration and controversy, particularly given her family’s political influence and the country’s history of widespread economic disparity.
The current legal matter between dos Santos and Unitel began gaining momentum when Unitel, one of Angola’s largest telecom operators, successfully obtained a worldwide freezing order on her assets in December.
This order was intended to prevent dos Santos from disposing of or diminishing her wealth in a way that would make it difficult for Unitel to recover any amounts owed if their lawsuit proved successful.
Dos Santos sought to challenge this decision, arguing that the freezing order was unjustified. However, her efforts came to a halt on Monday when the Court of Appeal in London dismissed her request, upholding the previous ruling.
This ruling means that dos Santos’ global assets remain under the freeze, impacting her ability to access or manage significant portions of her wealth, estimated in the hundreds of millions.
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The case is a reflection of increasing international pressure to hold individuals accountable for financial activities that allegedly contribute to corruption and mismanagement, particularly in countries like Angola, where many people still live in poverty despite the nation’s vast natural resources.
For years, Isabel dos Santos has been at the center of corruption allegations, with critics accusing her of leveraging her father’s political connections to secure favorable deals and build her fortune.
Unitel, the company at the heart of this lawsuit, has been partly owned by Isabel dos Santos, further complicating the case.
The company’s allegations against her involve claims of financial mismanagement and the improper use of company funds, accusations that dos Santos has repeatedly denied.
She has consistently maintained her innocence, describing the legal moves against her as politically motivated, particularly following the end of her father’s decades-long presidency.
The outcome of this legal battle will have significant implications not just for dos Santos, but also for how the international community views accountability among high-profile individuals from countries with histories of governance issues.
For Angola, the case also underscores the ongoing efforts by the current government to reclaim assets allegedly siphoned off by the former ruling elite.
Angola’s Isabel dos Santos Loses Appeal Against $778 Million Asset Freeze in Unitel Lawsuit
