The Angola Supreme Court (ASC) has issued an order to seize $1 billion in assets belonging to Isabel dos Santos, the daughter of Angola’s late former President Jose Eduardo dos Santos.
The Public Ministry requested the seizure, citing evidence of embezzlement, influence peddling, economic involvement in business, and money laundering, according to Billionaires Africa.
The order also includes the freezing of 70 per cent of the shares in the Mozambican telecom company Mstar, of which dos Santos is the primary beneficiary, as well as the seizure of 70 per cent of her shares in Upstar Comunicação.
In January 2021, Dos Santos’ bank accounts and assets were seized in Angola, Portugal, and the Netherlands.
The recent move by the ASC follows the issuance of a red notice by the International Criminal Police Organization (Interpol) to dos Santos.
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The Angolan government, led by President Joao Lourenco, previously seized shares in Unitel S.A., the country’s leading mobile telecommunications company, from the billionaire businesswoman and one of her deceased father’s associates, Leopoldino Fragoso do Nascimento.
Despite the legal challenges facing dos Santos, it remains to be seen how much of her $1 billion worth of assets will actually be seized by the ASC. The legal process can be lengthy, and it is possible that some of her assets may be protected by international laws or treaties.