Financial Crime World

Title: Angolan Businesswoman Isabel dos Santos Charged with Financial Fraud: A 46-Page Indictment

Prosecutors Announce Trial Against Isabel dos Santos

  • Angolan businesswoman Isabel dos Santos, alleged offender of 12 crimes linked to a fraud scheme at the state-owned oil company Sonangol, will stand trial [ANGOLA_TRIAL_DATE]
  • Daughter of the former Angolan authoritarian president
  • Crimes include money laundering, embezzlement, tax fraud, and more
  • Collusion with Mario Silva, Sarju Raikundalia, and Paula Oliveira
  • Proceedings could begin by end of January [LOCAL_MEDIA_REPORTS]

Fraudulent Activities Alleged

  • Illegal pocketing of millions from the Angolan state (2016-2017)
  • Use of offshore companies, fraudulent invoices, forged documents, and excessive salary raises

Indictment Details

  • Money laundering, embezzlement, and tax fraud accusations
  • Collaboration with Maria Silva, Sarju Raikundalia, and Paula Oliveira
  • Sonangol board chairwoman
  • Establishment of Maltese and Dubai-based shell companies
  • $219 million in financial losses for the Angolan state

Shell Companies Secured Contracts

  • Allegedly obtained lucrative, no-bid contracts
  • Resulted in losses via excessive salaries, loss-making sales, and fraudulent payments

Co-Defendants

  • Several associates identified in the indictment
  • Angolan branch of PwC as co-defendants
  • Prosecutors accuse executives of profiting from auditing contracts and consultancy deals

PwC Allegations

  • Valued at over $10 million
  • Investigated by Portuguese authorities
  • Charged high fees for tax advice and deal-making services
  • ICIJ’s Luanda Leaks investigation revealed significant role in dos Santos’ business empire

Associates Under Investigation

  • Raikundalia, da Silva, and Oliveira under scrutiny
  • Raikundalia: Sonangol’s CFO
  • da Silva: Aided in Dubai companies’ formation
  • Oliveira: Personal friend, assisted with company setup
  • Asset freezes in PORTUGAL, US, [OTHER_COUNTRIES]
  • Defeated legal battles in the High Court of London earlier this month [HIGH_COURT_LONDON]

[ANGOLA_TRIAL_DATE]: To be determined [LOCAL_MEDIA_REPORTS]: Based on local media reports by Angolan news outlets [PORTUGAL, US, OTHER_COUNTRIES]: Countries where asset freezes have been implement against Isabel dos Santos and her associates [HIGH_COURT_LONDON]: The High Court ruling in London upholding the asset freeze earlier this month