Former billionaire Isabel dos Santos, the subject of ICIJ’s Luanda Leaks investigation, lost an appeal to overturn a $733 million global freeze on her assets as part of a lawsuit in London’s High Court.
A judge granted the asset freeze nearly a year ago after dos Santos was sued by Angolan telecommunications operator Unitel, over loans made while she was on the board of directors to a company she controlled in the Netherlands, Unitel International Holdings.
Dos Santos, once Africa’s richest woman, is the daughter of former president José Eduardo dos Santos who ruled Angola for 38 years. Luanda Leaks documented dos Santos’ accumulation of vast wealth under her father’s rule through self-dealing and lucrative ventures in oil and minerals, telecommunications, real estate and banking. Since 2019, courts in Portugal, Angola and beyond have issued orders to freeze her assets.
Court documents show Unitel accused dos Santos of procuring around $400 million in loans at below commercial value from the company in 2012 and 2013 for UIH and her “own personal benefit,” according to the BBC.
At the time, dos Santos was serving on Unitel’s board of directors and the company is reportedly seeking damages of $733 million arising from decisions she made while in the role.
In January, Angolan prosecutors charged dos Santos with 12 crimes, accusing her of causing state losses of around $219 million while she was head of state-owned oil company Sonangol.
Though wanted in Angola in connection with multiple crimes including money laundering, embezzlement and tax fraud, dos Santos currently lives publicly and lavishly in Dubai. In August, four Angolan advocacy groups called on Portuguese and Angolan judicial authorities to explain why assets seized in Portugal from dos Santos have not yet been returned to Angola.