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Around the World

Africa’s richest woman has assets seized by Portugal

She is being accused of embezzling over $ 1 billion from Angolan state-owned firms.

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Africa’s richest woman has assets seized by Portugal

The Portuguese Government seized shares owned by Angola’s Isabel dos Santos in the Efacec Power Solutions SGPS SA Company, in a bid to help the company find new owners.

Isabel Dos Santos has been battling a corruption probe both home and in Portugal. She is being accused of embezzling over $ 1 billion from Angolan state-owned firms.

READ MORE: Nigeria recoups N594.09 billion from whistleblowing policy

Dos Santos owned a 72% stake in the company through a Maltese registered company called “Winterfell 2”. Angola’s Finance Minister, Pedro Vieira said on Thursday that the Angolan government has started plans to sell the stake and already has interest from interested bidders.

Efacec has annual sales of $449 million, according to the Minister.

READ MORE: Italian Judge links Nigerian businessman to an oil graft case between Eni, Shell

Efacec announced back in January that Isabel dos Santos had planned to sell most of her majority stake in the company.

Isabel dos Santos had her assets frozen in December 2019 by Angolan courts, she claims the corruption probe against her was based on a fake passport signed by late Hollywood star Bruce Lee.  Portugal also froze her assets in February. 

READ ALSO: Portugal blocks Africa’s richest woman, Isabel dos Santos’ bank accounts

 

1 Comment

1 Comment

  1. Keji Akintt

    July 3, 2020 at 2:35 pm

    Isabel dos Santos case in Angola is the what is wrong with almost all the countries in Africa!She plundered Angola with her dad’s(ex president) help.Angola should be extremely rich but is totally screwed because of endemic corruption, mismanagement and bad leadership.I weep for Africa.

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