Africa’s richest woman, Isabel dos Santos, set to lose over $1 billion in asset on court order

● The Angolan Supreme Court has ordered the seizure of $1 billion worth of assets from Isabel dos Santos.

● The court order is tied to a corruption and embezzlement scandal.

● The court also ordered the freezing of her shares in companies where she is a major stakeholder.

Based on a recent report, the Angolan Supreme court has ordered the seizure of property belonging to the daughter of the country’s former president, Isabel dos Santos, as requested by the Public Ministry.

The property ordered by the court to be seized are valued at a total of $1 billion.

The report also claims that the court order is tied to an embezzlement scandal that has been ongoing with the billionaire.

“There are indications of embezzlement, influence peddling, economic participation in business and money laundering, foreseen and punishable”, the report by Angolan state-owned news publication, Jornaldeangola, read in part.

The Angolan Supreme court also called for the freezing of 70% of the shares of Mozambique telecommunications company, Mstar, and ordered the seizure of 70% of the defendant’s shares in Upstar Comunicação.

Earlier this month, the news agency, Reuters, reported that the global police agency Interpol was asking law enforcement authorities around the world to locate and provisionally arrest Angolan billionaire, Isabel dos Santos.

To be more specific, Interpol issued a red notice and not an international arrest warrant, to which Isabel dos Santos responded that she was being politically victimized.

This corruption scandal dates back years, with accusations of steering public funds toward her personal business interest.

She has been accused alongside her husband of using $1bn in state funds to finance companies in which they held stakes during her father’s presidency, including from oil giant Sonangol.

There are some official records that show that Isabel dos Santos was wanted for various crimes, including alleged embezzlement, fraud, influence peddling and money laundering.

Isabel dos Santos was named Africa’s richest woman in 2020 by Forbes magazine, with an estimated net worth of $1.5 billion.

She is the daughter of the late former president of Angola, Jose Eduardo dos Santos, who ruled for 38 years, ending his tenure in 2017. (africa.businessinsider.com)