Angolan billionaire Isabel dos Santos has faced a setback in her ongoing legal battle, as the London Court of Appeal on Monday rejected her appeal to overturn an order freezing assets worth up to £580 million ($778 million).
This ruling is part of a lawsuit initiated by Angolan telecoms operator Unitel against dos Santos, Africa’s first female billionaire and daughter of former Angolan president Jose Eduardo dos Santos.
The freezing order, initially granted in December, was put in place as Unitel seeks to recover outstanding loans made to the Dutch company Unitel International Holdings (UIH) in 2012 and 2013, when dos Santos was a director of Unitel.
The loans, which were intended to finance UIH’s acquisition of shares in various telecom companies, remain unpaid, with approximately £300 million still owed, according to Unitel’s legal representatives.
In its ruling, the Court of Appeal affirmed that dos Santos owns and controls UIH, despite the two companies not being related, as they share only a name. Dos Santos resigned from her position as a director at Unitel in 2020.
Throughout her legal troubles, dos Santos has consistently denied the corruption allegations that have surrounded her for years, characterising them as part of a politically motivated campaign against her. She claims that Unitel’s actions have contributed to UIH’s financial difficulties, alleging that the telecom operator played a role in the unlawful seizure of UIH assets in Angola.
This latest ruling continues to cast a shadow over dos Santos, who has been embroiled in legal controversies and corruption claims, maintaining that she is the target of a “campaign of oppression” orchestrated by the Angolan authorities.
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