Angolan billionaire Isabel dos Santos, Africa’s first female billionaire and the daughter of former President Jose Eduardo dos Santos, suffered a major legal defeat on Monday when she lost her appeal to overturn a worldwide asset freeze totaling $778 million. The ruling, issued by London’s High Court, solidifies the order that has blocked her access to substantial assets amid ongoing corruption allegations.
The legal battle centers around a 2020 lawsuit brought against dos Santos by the Angolan telecom giant Unitel. The company sought redress after accusing dos Santos of failing to repay significant loans provided to her Dutch firm, Unitel International Holdings (UIH), in 2012 and 2013. These loans, intended to support the acquisition of telecom shares, reportedly remain unpaid, leaving a balance of nearly $395 million, plus accumulated interest.
The ruling by the Court of Appeal follows Unitel’s successful bid for a global freezing order in December, preventing dos Santos from accessing up to £580 million ($778 million) in assets. Despite her claims that Unitel itself was responsible for UIH’s inability to repay the loans, the court upheld the freezing order, dealing a blow to the billionaire’s efforts to regain control of her fortune.
Isabel dos Santos has long been embroiled in legal disputes and corruption investigations, particularly in her home country of Angola. Her father, who ruled Angola for 38 years until 2017, saw his administration repeatedly accused of fostering a culture of corruption.
Also, read; University of Pennsylvania Suspends Professor for Racially Charged Remarks Against Black Students
During his tenure, dos Santos and her husband were alleged to have used over $1 billion in state funds to finance businesses in which they held significant stakes, including Angola’s state oil company, Sonangol. These accusations have been vigorously denied by dos Santos, who maintains that she is the target of a politically motivated campaign designed to tarnish her name and strip her of her wealth.
Her legal team has also characterized the ongoing cases against her as a “political conspiracy.” Dos Santos insists that the asset freezes in Angola and Portugal, along with other legal actions, are the result of a prolonged vendetta, not genuine attempts to address corruption.
Despite this latest ruling, the billionaire remains defiant, vowing to fight the allegations and to challenge the legal decisions that have restricted her access to wealth she built during her father’s rule. With legal battles unfolding across multiple jurisdictions, including Angola, Portugal, and the United Kingdom, Isabel dos Santos’ fight to reclaim her global assets is far from over.
