Financial Crime World

Angolan Businesswoman Isabel dos Santos Charged with 12 Crimes for Alleged Embezzlement of $219 Million

Luanda, Angola - A New Development in the Case Against Isabel dos Santos

Isabel dos Santos, once considered Africa’s first female billionaire and daughter of Angola’s former authoritarian president, has been charged with 12 crimes by Angolan prosecutors. The indictment alleges that she and her associates used various methods to embezzle millions from state-owned oil company Sonangol between 2016 and 2017.

The Allegations

According to the indictment, dos Santos and her co-defendants used offshore companies, fraudulent invoices, forged documents, and exorbitant salary raises to illegally pocket millions. The trial is expected to begin by the end of January, with the indictment accusing dos Santos and her associates of causing state losses of around $219 million.

Denials and Claims of Political Vendetta

Dos Santos has repeatedly denied wrongdoing, claiming that the charges are part of a long-running political vendetta against her. In an interview with Angolan radio station Rádio Essencial, she lashed out at the Angolan government, saying it is irresponsible to manage the country based on fabricated lies.

Co-Defendants and Associates

The indictment also names several associates as co-defendants, including executives from accounting giant PwC’s Luanda and Lisbon offices. These individuals are accused of profiting from auditing contracts worth more than $10 million and consultancy deals with some of dos Santos’ shell companies. PwC Portugal was already under scrutiny by Portuguese authorities, which searched the offices last year at the request of the Angolan government.

Previous Investigations and Asset Freezes

Dos Santos has been the subject of civil and criminal investigations in multiple countries since 2020, when the International Consortium of Investigative Journalists’ Luanda Leaks investigation revealed how she benefited from lucrative deals in oil, diamonds, telecommunications, banking, and real estate under her father’s rule. Her assets have been frozen in several countries, including Portugal and the US.

Dos Santos’ lawyers claim that she is “presently engaged in court proceedings in various jurisdictions to clear her name.” However, if convicted, dos Santos could face significant prison time and fines for her alleged crimes.