Financial Crime World

ANGOLA’S FORMER BILLIONAIRE BUSINESSWOMAN CHARGED WITH FINANCIAL CRIME AND CORRUPTION

Luanda - Angolan prosecutors charge Isabel dos Santos with 12 crimes related to financial crime and corruption.

Luisa Melo

Angolan prosecutors have charged Isabel dos Santos, the country’s former billionaire businesswoman and daughter of ex-president Jose Eduardo dos Santos, with 12 crimes related to financial crime and corruption. The indictment accuses dos Santos of causing state losses of around $219 million while she was head of state-owned oil company Sonangol.

Charges Against Dos Santos

  • Money laundering
  • Embezzlement
  • Tax fraud
  • Creating shell companies in Malta and Dubai to defraud the Angolan state
  • Setting up offshore companies, fraudulent invoices, forged documents, and “exorbitant” salary raises to illegally pocket millions in 2016 and 2017

Background on Dos Santos’ Appointment at Sonangol

Dos Santos was appointed chair of Sonangol’s board in 2016. During her time at the company, she brought in a senior executive from PwC Angola to be its chief financial officer.

Investigation and Response

Prosecutors allege that dos Santos and her associates created a plan to defraud the Angolan state by setting up shell companies in Malta and Dubai that obtained lucrative contracts with Sonangol despite lacking expertise in the oil sector. Executives working for PwC’s Luanda and Lisbon offices were accused of profiting from auditing contracts worth more than $10 million and consultancy deals with some of dos Santos’ shell companies.

Dos Santos has repeatedly denied wrongdoing, calling the charges a political vendetta against her by the current government led by President Joao Lourenco. Her lawyer Dan Morrison told the BBC that she is “presently engaged in court proceedings in various jurisdictions to clear her name.” The trial of dos Santos and her co-defendants could begin as early as the end of January, according to media reports.

International Investigations

Dos Santos has been subject to civil and criminal investigations in multiple countries since 2020. In addition to Angolan prosecutors, she faces charges from Portuguese authorities and has had assets frozen in several countries, including Portugal and the US.