Title: Angolan Businesswoman Isabel dos Santos Charged with Money Laundering and State Fraud worth $219 million
Overview
Angolan prosecutors have brought criminal charges against businesswoman Isabel dos Santos, accusing her of causing over $219 million in losses to the state while heading the state-owned oil company Sonangol.
Criminal Charges
The Attorney General’s office announced the trial could commence by the end of January. dos Santos and her associates are charged with:
- Money laundering
- Embezzlement
- Tax fraud
The 46-page indictment, dated January 11, alleges the use of offshore companies, fraudulent invoices, forged documents, and excessive salary raises to illegally siphon off millions in 2016 and 2017.
Money Laundering and Fraud Allegations
As Africa’s first female billionaire, dos Santos and her cohorts “meticulously created a plan to defraud the Angolan State,” according to the prosecutors. The Portuguese authorities have also been investigating dos Santos for her global business empire since the Luanda Leaks investigation was published in 2020.
Global Business Empire
dos Santos and her late husband used accountants, lawyers, and consultants across multiple countries, including Portugal and Malta, to build their business empire and acquire luxury properties on four continents.
Associates Involved
Several of dos Santos’ associates, including former PwC executives Mario Silva, Sarju Raikundalia, and Paula Oliveira, have been accused of involvement in money laundering, fraud, influence peddling, and criminal association.
PwC’s Role
PwC, the Angolan unit of the global accounting giant, has also been accused of profiting from auditing contracts and consultancy deals with some of dos Santos’ shell companies worth over $10 million.
Financial Losses
Prosecutors claim dos Santos and her allies caused the state to lose approximately:
- $176 million
- 39 million euros
- 94 million kwanzas
through unduly paid salaries, loss-making sales, tax fraud, and fraudulent payments to several of dos Santos’ shell companies.
dos Santos’ Response
Despite the substantial salary raise, dos Santos defended it as a necessary move to make Sonangol a competitive employer and attract top talent. She has repeatedly denied any wrongdoing and labeled the charges as part of a long-standing political vendetta.