Isabel dos Santos Settles Lawsuit with Barclays for $15 Million

In a shocking turn of events, Isabel dos Santos, daughter of Angola’s former president Jose Eduardo dos Santos, has reached a confidential settlement with Barclays Bank worth an undisclosed sum reportedly valued at $15 million. This development comes as the 49-year-old businesswoman and philanthropist faces mounting scrutiny over her financial dealings, including allegations of self-dealing and money laundering.

Struggles to Find Banks Willing to Do Business

According to documents obtained by the International Consortium of Investigative Journalists (ICIJ), dos Santos had difficulty finding banks willing to do business with her due to concerns about her political exposure. Deutsche Bank, Dutch trust company Intertrust, and ING bank all closed accounts linked to her companies, citing anti-money-laundering concerns.

Building an Alternative Network

Despite these setbacks, dos Santos remained defiant, vowing to build a “true African network” of banks as an alternative. She leveraged her connections with African financial institutions, including part-ownership of Banco BIC Cabo Verde, which helped her businesses move vast sums and saw profits skyrocket.

Investigation into Allegations of Self-Dealing

However, even this last bastion of support eventually came under government scrutiny. In 2015, Portuguese central bank regulators launched an investigation into allegations of self-dealing and lax anti-money-laundering procedures at Banco BIC Portugues (now EuroBic), where dos Santos owned nearly half the shares.

• The investigation found that the bank had failed to monitor multimillion-dollar transfers out of Angola to European-based companies linked to dos Santos, her husband, and associates.
• While no one was charged with wrongdoing, regulators ordered the bank to tighten its procedures.

Denials and Repercussions

Dos Santos has consistently denied any wrongdoing, blaming “sensationalism” in media coverage of the scandal. Her latest settlement with Barclays Bank, however, suggests that even the most powerful and well-connected individuals can be held accountable for their financial actions.

Reputation Takes a Hit

As dos Santos’ empire continues to face scrutiny, one thing is clear: her reputation as a shrewd businesswoman and philanthropist has taken a significant hit in recent years. Will she be able to rebuild her reputation and restore trust in her financial dealings? Only time will tell.