A Dutch court has ruled a half-billion-dollar stake in the Portuguese oil company Galp linked to Angolan ex-first daughter Isabel Dos Santos must be handed over to Angola.
Dos Santos – a business tycoon who became Africa’s richest woman – ran oil giant Sonangol from 2016 until 2017, when her father’s four-decade rule ended.
According to the Netherlands International Arbitration Tribunal, the acquisition of the stake was tainted by illegality, enabling Ms. Isabel dos Santos to reap an extraordinary financial gain to the detriment of Sonangol and, consequently the State of Angola.
But Dos Santos denied any connection to the holding company at the centre of the case – Exem – which she says was owned by her late husband.
She denies any wrongdoing and says she is the subject of a political witch-hunt by Angola’s new leadership.
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