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Isabel dos Santos

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Not to be confused withIsabel Santos.

Isabel dos Santos
Santos in 2019
DirectorofSonangol
In office
2 June 2016 – 17 November 2017
PresidentJosé Eduardo dos Santos
João Lourenço
Personal details
Born
Isabel José dos Santos

(1973-04-20)20 April 1973(age 51)[1]
Baku,Azerbaijan SSR,Soviet Union[2]
CitizenshipRussia[3]and Angola
Spouse
​
​
(m.2002; died2020)​
Children3[4]
Parents
Relatives
Alma materKing's College London
OccupationBusinesswoman

Isabel dos Santos([izɐˈβɛlduʃˈsɐ̃tuʃ];born 20 April 1973) is anAngolanbusinesswoman, the eldest child of Angola's former PresidentJosé Eduardo dos Santos,who ruled the country from 1979 to 2017.[5]

As early as 2013Forbesdescribed how dos Santos acquired her wealth by taking stakes in companies doing business in Angola, suggesting that her wealth came almost entirely from her family's power and connections.[6][7] Since 2018, the Angolan government has been trying to prosecute Isabel dos Santos for corruption that may have led to Angola's ongoing recession.[8]On 30 December 2019, theLuanda Provincial Courtordered the freezing of dos Santos's Angolan bank accounts and the seizure of her stake in local companies, includingUnitel (Angola)and Banco de Fomento Angola.[9]Two weeks later, the Angolan Government announced it had prepared the legal battle to confiscate dos Santos's assets in Portugal,[10]a process that is operative in the form ofletters rogatorysent to Portugal to stop the transfer of funds fromPortuguese Commercial Bankto aRussianbank.[which?][11]

As of January 2020, she was under investigation in Portugal and has since taken on theUnited Arab Emiratesas her official country of residence.[12][13][14] In December 2021, theUS State Departmentbarred Dos Santos and her immediate family from entering theUnited States,citing "significant corruption by misappropriating public funds for her personal benefit".[15][16][17]Once considered Africa's richest woman according toForbesmagazine, with a net worth exceeding US$2 billion, she was dropped from the magazine's list in January 2021 after the freezing of her assets in Angola, Portugal and theNetherlands.[18]In 2021 a French court ruled that she was liable to pay $340 million to the Portuguese company PT Ventures.[19]On 18 November 2022, Interpol issued a warrant for her arrest.[20]In December 2023 her assets were frozen following a hearing at the High Court in London.[21]

Early life and education

[edit]

Isabel dos Santos was born inBaku,Azerbaijan Soviet Socialist Republic,[22]the eldest daughter of Angola's longtime PresidentJosé Eduardo dos Santos(1942–2022) and his first wife, the Russian-born Tatiana Kukanova, whom he met while studying in the thenSoviet republic of Azerbaijan.[23][24][25][26]Her father's parents came fromSão Tomé and Príncipe.[27][28]She attended an all girls boarding school inKent,Cobham Hall School,andSt Paul's Girls' SchoolinLondon.[29]She studiedelectrical engineering[30]atKing's Collegein London.[31][failed verification]

Career

[edit]

In the early 90s, dos Santos started working as a project manager engineer for Urbana 2000, a subsidiary of Jembas Group, that had won a contract to clean and disinfectLuanda.[32]Thereafter, she set up a trucking business. The widespread use of walkie-talkie technology paved the way for a subsequent foray into telecoms.[4]In 1997, she started her first business, opening the Miami Beach Club, one of the first night clubs and beach restaurants onLuanda Island.[33]In 1997, dos Santos entered the international business world, creating companies and holdings in Angola but mostly abroad, making substantial investments in high-profile enterprises, especially in Portugal.[34][35] As of 2014, holdings of dos Santos included:[36][37]

  • Trans Africa Investment Services, aGibraltar-based vehicle founded together with her mother for the diamond business
  • Unitel International Holdings B.V.: change of name of Kento and Jadeium, based inAmsterdam,company vehicle for dos Santos' investment in telecommunications
  • Santoro Finance:company vehicle for dos Santos' investment in Banco BPI based inLisbon
  • Esperaza Holding B.V.: based in Amsterdam, energy and oil
  • Condis: a retail business based inLuanda

In June 2016, her father appointed her as chair ofSonangol,the Angolan state oil company.[38]In November 2017,João Lourenço,the new Angolan President, fired her just two months after being sworn into office in the wake of similar appointments of children of the president to key posts.[39]

On 30 December 2019, the Luanda Provincial Court ordered the preventive seizure of the personal bank accounts of dos Santos, her husband,Sindika Dokolo,and Mário Filipe Moreira Leite da Silva. According to the Attorney General's office, the three businesspeople entered into deals with the Angolan state through the companiesSODIAM,a public diamond sales company, and Sonangol, the state oil company. With these deals, the Angolan state suffered a loss of $1.14 billion.[40]The court produced a document showing that the assets and many others owned by dos Santos had been acquired using funds from two state-owned companies.[41]In January 2020, the Portuguese Attorney-General's Office opened an investigation into a number of her operations afterAna Gomes,a PortugueseMember of the European Parliamentlaid charges against her.[12]Following the seizure, she assumed theUAEas her official country of residence.[13][14] In January 2021,Forbesremoved her from the list of the richest people in Africa, since her assets in Angola and Portugal had been frozen.[18]

Investments in Portugal

[edit]

Since 2008 dos Santos has had interests in key Portuguese sectors, such as telecommunications, media, retail, finance and the energy. In 2012 dos Santos made a series of acquisitions inZON Multimédia,a telecommunications and media company providing mobile and fixed telephony, cable television, satellite television and internet. From an initial small stake in the company, she became the biggest shareholder, with 28.8% in 2012. The acquisitions were made via holding companies Jadeium and Kento, later Netherlands-based Unitel International Holdings BV.[42][43][44][45][46][47][48][49][50][51]

In 2010, she bought a 20% stake atBanco Português de Investimentothrough Santoro Holding.[52][53]She has other major stakes with the Angolan state oil companySonangolthrough their mutualEuropeanLaw holding, based in theNetherlands,named Esperanza Holding, in PortugueseGalp Energia.[54]Dos Santos is a founding member and board member of Banco BIC Português,[55]which recently acquiredBanco Português de Negócios,a nationalized bank.

In December 2012, dos Santos announced the invitation for a merger of ZON with Sonaecom, approved in March 2013 by the General Assembly.[47]Since her investments in Portugal were in listed companies they were subject to official supervision of thePortuguese Securities Market Commission(Comissão do Mercado de Valores Mobiliários, CMVM, in Portuguese).[56]

On 27 August 2013, after the green light from the Competition Authority, the merger of the two companies was formalized with the transfer to ZOPT, a special purpose vehicle created to advance the operation, which became the owner of more 50% of the capital of the new group, the shares that dos Santos and Sonaecom hold on Zon and Optimus respectively. There was a capital increase of ZOPT through contribution in kind from 50 to 716 million euros, while Sonaecom subscribed 358 million shares of the company, by delivering 81.8% of its stake in Optimus. The Angolan businesswoman, on her turn, subscribed exactly the same number of shares of ZOPT, through her holdings Kento andUnitelInternational, delivering 28.8% of the stake in ZON.[57][58][59][60]With this transfer of shareholdings in Optimus and Zon, Sonaecom and dos Santos became holders of over 50% stake in the merged company: Zon Optimus SGPS. On this occasion, a new strategy for the company was announced by dos Santos, with a multimarket vision.[61][62]On 1 October 2013, dos Santos attended the first General Assembly of Zon Optimus.[63]

In November 2014, dos Santos launched a takeover bid forPortugal Telecom,SGPS, S.A., valuing the firm's shares at €1.35 a share, in what was seen as a rival bid to a previous €7 billion offer fromAltice,though the offer made by Altice was on PT Portugal, not on PT SGPS.[64]On 1 December 2014, she formally registered her offer at thePortuguese Securities Market Commission.[65]

In January 2017 Unitel, led by dos Santos, purchased 2% of Banco Fomento de Angola (BFA) from BPI for 28 million euros and controlled 51.9% of the bank's capital.[66]In December 2016 theNational Bank of Angola(BNA), the sector regulator, had approved this operation. In February 2017 dos Santos sold her position in Banco BPI, following the takeover bid launched byCaixaBank.From her ownership from 2009 to 2017 she won more than 80 million euros in capital gain, not only from the sale of the 18.5% holding on BPI, but also from the dividends from 2008 and 2009, worth around 12.6 million euros.[67]

Investments in Angola

[edit]

In April 2011, dos Santos with 51% control of Condis, signed a joint partnership with the PortugueseSonaegroup for the development and operation of a retail trading company in Angola. The entry in Angola by the Portuguese group led byPaulo de Azevedowas to be performed by theContinente (Angola),which planned to open the first supermarket by 2013 in Angola.[68]

She createdUnitel (Angola)in partnership with Portugal Telecom, after a tender process she considered fair.[4]As of 2013, she had acquired the mobile operator T+ inCape Verdealso through Unitel International Holding, a platform for Unitel investments wherePortugal telecomhas no presence, and gained the license to establish the second telecom operator in São Tomé and Príncipe.[69][70][71]In May 2013, dos Santos announced during a visit to São Tomé and Príncipe that Unitel would invest in education in the country to train engineers, managers and other technicians and also focus on job creation.[72]

By 2015, dos Santos owned a share of satellite-TV operator ZAP, which had in December 2013 acquired the rights to distributeForbesin a number of Portuguese-speaking countries, namely Portugal, Angola, andMozambique.It had been announced that most of the content would be produced by a local team, complemented by content for theNorth Americanedition, therefore potentially allowing influence onForbescontent. It was initially planned that the first edition of the Portuguese languageForbeswould be published during the second quarter of 2014.[73]

In October 2022, Angolan President PresidentJoão Lourençoissued a decision to nationalise the Angolan operator Unitel, ending her links with the operator.[74]

Prosecution for corruption, 2018-present

[edit]

Since 2018, the Angolan government has been trying to prosecute Isabel dos Santos for corruption which may have led to Angola's recession.[8]On 30 December 2019, theLuanda Provincial Courtordered to freeze dos Santos's Angolan bank accounts and to seize her stake in local companies, includingUnitel (Angola)and Banco de Fomento Angola.[9]In January 2019, the Angolan Government announced it prepared the legal battle to confiscate dos Santos's assets in Portugal,[10]/ and sentletters rogatoryto Portugal to stop the transfer of funds fromPortuguese Commercial Bankto a Russian bank.[11]

As of January 2020, she was under investigation in Portugal and has since assumed theUnited Arab Emiratesas her official country of residence.[12][13][14]In December 2021, theUS State Departmentbarred Dos Santos and her immediate family from entering theUnited States,citing "significant corruption by misappropriating public funds for her personal benefit".[15][16][17] On May 27, 2022 she was still photographed smiling at theCannes Film Festival.[75]

On 18 November 2022, Interpol issued a warrant for her arrest.[20]As of 2023, she lived in Dubai, and made at least one trip to Qatar.[76] In December 2023, she lost a legal battle in London’s High Court to prevent a freeze on up to £580 million ($733 million) of her assets.[77]In January 2024 she was accused by the Angolan high court to have used "offshore companies, fraudulent invoices, forged documents and “exorbitant” salary raises to illegally pocket millions ".[75]

Luanda Leaks,2020

[edit]

On 19 January 2020 theInternational Consortium of Investigative Journalists(ICIJ) published a detailed report on how dos Santos amassed her wealth over the years. The report, based on information provided by corruption watchdog The Platform to Protect Whistleblowers in Africa – which it calledLuanda Leaks– said she "made a fortune at the expense of the Angolan people".[78]

The night of 22 January, three days after the leaks, her personal wealth manager and private banking director Nuno Ribeiro da Cunha was found dead in the garage of his house.[79]

Personal life

[edit]

Dos Santos was married toCongolesebusinessmanSindika Dokolo,[80]son of a millionaire fromKinshasa,Augustin Dokolo, and hisDanishwife, Hanne Kruse.[81]Sindika Dokolo died in a diving accident in Dubai in October 2020 at the age of 48.[82]She lives in Dubai.[83]

Recognition

[edit]

She was recognized as one of the BBC's 100 women of 2015.[84]

References

[edit]
  1. ^Fernandes, Filipe S. (2016)."Isabel dos Santos – Segredos e poder do dinheiro"(PDF)(in Portuguese). Archived fromthe original(PDF)on 15 June 2016.
  2. ^"In the spotlight: Isabel dos Santos, Angola's 'princess'".France24.23 January 2020.
  3. ^"Isabel dos Santos muda-se para o Dubai, um novo paraíso fiscal".Jornal Expresso.3 January 2020.
  4. ^abcBurgis, Tom (29 March 2013)."Lunch with the FT: Isabel dos Santos".Financial Times.Retrieved8 January2016.
  5. ^"José Eduardo dos Santos, who plundered Angola, dies at 79".Washington Post.8 January 2022.
  6. ^Dolan, Kerry A. (14 August 2013)."Daddy's Girl: How An African 'Princess' Banked $3 Billion in a Country Living On $2 Per Day".Forbes.Retrieved16 March2016.
  7. ^"Isabel dos Santos desmente acusações de enriquecimento ilícito feitas pela Forbes".Económico.Archived fromthe originalon 29 August 2016.Retrieved19 March2019.
  8. ^ab"Gestão da Sonangol: PGR mandou instaurar processo criminal contra Isabel dos Santos".ANGONOTÍCIAS.Retrieved23 October2019.
  9. ^ab"Angola orders Isabel dos Santos asset seizure".BBC. 31 December 2019.
  10. ^ab"Governo angolano prepara confisco de bens de Isabel dos Santos em Portugal"(in Portuguese). Angola24horas. 11 January 2020.Retrieved11 January2020.
  11. ^abNorinha, Vítor (3 January 2020)."De bestial a persona non-grata"(in Portuguese). Jornal Económico.Retrieved13 January2020.
  12. ^abcSimões, Lígia (10 January 2020)."Exclusivo. DCIAP investiga operações de Isabel dos Santos denunciadas por Ana Gomes"(in Portuguese). Jornal Económico.Retrieved11 January2020.
  13. ^abc"Angola: Cidadã russa Isabel dos Santos imune à extradição?"(in Portuguese). DeutscheWelle. 9 January 2020.Retrieved11 January2020.
  14. ^abc"Portugal: la justice ouvre une enquête sur Isabel dos Santos"(in French). 11 January 2020.Retrieved11 January2020.
  15. ^ab"Isabel dos Santos: Angolan billionaire hit with US visa restrictions".BBC News.10 December 2021.Retrieved16 February2022.
  16. ^ab"Angola: Isabel dos Santos, 'Dino' and 'Kopelipa' sanctioned by US".The Africa Report.com.13 December 2021.Retrieved16 February2022.
  17. ^ab"Isabel dos Santos, Subject of Luanda Leaks, Barred from U.S. for 'Significant Corruption'".PBS Frontline.10 December 2021.Retrieved23 June2022.
  18. ^ab"How Isabel Dos Santos, Once Africa's Richest Woman, Went Broke".Forbes.22 January 2021.
  19. ^Dolan, Kerry A. (22 January 2021)."Former Angolan Billionaire Isabel Dos Santos Is Liable For $340 Million Payment After French Court Ruling".Forbes.Retrieved6 February2021.
  20. ^ab"Interpol issues arrest warrant for Angola's Isabel dos Santos, Lusa reports".Reuters.19 November 2022.
  21. ^"Angolan billionaire hit with £580m asset freeze".BBC News.20 December 2023.Retrieved20 December2023.
  22. ^ISABEL DOS SANTOS – SEGREDOS E PODER DO DINHEIROArchived15 June 2016 at theWayback Machine.Filipe S. Fernandes. Documentation (Portuguese)
  23. ^Дудина, Галина; (Dudina, Galina) (21 January 2021)."Душа Сантуша: Как россиянка стала богатейшей женщиной Африки"[Soul of Santos: How a Russian woman became the richest woman in Africa].Коммерсантъ(in Russian). Archived fromthe originalon 21 January 2020.Retrieved24 September2021.
  24. ^The Guardian: "Isabel dos Santos, dubbed 'princess', named Africa's first female billionaire" by David Smith25 January 2013
  25. ^Mail & Guardian(Zambia): "Angola: Who's who in the palace?" by Louise Redvers2 November 2012
  26. ^The Australian:"Angolan Africa's first woman billionaire"25 January 2013
  27. ^Biography at MPLA websiteArchived22 January 2011 at theWayback Machine(in Portuguese)
  28. ^Mail & Guardian:"Angola: Who's who in the palace?" by Louise Redvers2 November 2012
  29. ^Garside, Juliette; Burke, Jason (19 January 2020)."Isabel dos Santos: president's daughter who became Africa's richest woman".The Guardian.Retrieved19 February2021.
  30. ^Celso Filipe,Report about Isabel dos Santos on Negócios Online,December 2008
  31. ^"Isabel dos Santos: 'First African female billionaire'".BBC News.25 January 2013.
  32. ^"Isabel dos Santos: o rosto de Angola".Público(in Portuguese). 20 July 2007.Retrieved8 January2016.
  33. ^"Meet The Forbes Second Richest African Woman: Isabel dos Santos".The African Economist.4 December 2012.Retrieved8 January2016.
  34. ^"Isabel dos Santos reforça em Portugal com entrada na Zon Diário Económico, 21 December 2009 (pt)".Archived fromthe originalon 15 March 2016.Retrieved28 July2018.
  35. ^"Isabel dos Santos é a 18ª figura mais poderosa da economia portuguesa".www.jornaldenegocios.pt(in European Portuguese).Retrieved16 February2022.
  36. ^"Os negócios de Isabel dos Santos em Portugal".Dinheiro Vivo Online(in Portuguese). 9 May 2012. Archived fromthe originalon 22 February 2014.Retrieved9 May2012.
  37. ^A Angolana mais rica de Portugal, English: "The richest Angolan in Portugal", clipquick.com, 1 August 2012 (pt)
  38. ^"All in the family: Angola president picks eldest daughter to head state oil firm, western firms scramble for contracts".MG Africa.3 June 2016. Archived fromthe originalon 16 February 2017.Retrieved14 March2017.
  39. ^"Angola president dismisses Sonangol chair Isabel dos Santos".Reuters.15 November 2017.Retrieved30 November2022.
  40. ^"Tribunal decreta arresto preventivo a contas e empresas de Isabel dos Santos".sabado.pt.
  41. ^"Angola News: Isabel dos Santos Says Asset Freeze Risks Businesses".Bloomberg L.P. 3 January 2020.Retrieved3 October2020.
  42. ^"Qualified Shareholding"(PDF).CMVM.8 May 2012.
  43. ^"Qualified Shareholding"(PDF).CMVM.9 May 2012.
  44. ^Dolan, Kerry (23 January 2013)."Isabel Dos Santos, Daughter Of Angola's President, Is Africa's First Woman Billionaire".Forbes.Retrieved6 February2021.
  45. ^"Isabel dos Santos acquires Cineveste stake in Zon Multimedia".6 June 2012.Retrieved6 February2021.
  46. ^"Angola's dos Santos becomes top Zon shareholder".9 May 2012.Retrieved6 February2021.
  47. ^ab"ANNOUNCEMENT"(PDF).CMVM Official website.14 December 2012.
  48. ^Angola: Isabel dos Santos reinforces her presence in Portuguese firmsArchived2 October 2016 at theWayback MachinePortugaldailyview.com,9 May 2012
  49. ^Millennium investment banking: Kento qualified holding comment14 March 2011 (page 1)
  50. ^"NYSE Euronext Company profile".Archived fromthe originalon 10 July 2011.
  51. ^"Accionistas da Zon aprovam por unanimidade entrada de Isabel dos Santos - Economia - PUBLICO.PT".9 August 2011. Archived fromthe originalon 9 August 2011.Retrieved16 February2022.
  52. ^Bloomberg: Isabel dos Santos wants to raise stake at BPI, 22 December 2010
  53. ^"Site RI".bpi.bancobpi.pt.Retrieved16 February2022.
  54. ^"Report on Voice of America (pt)".Archived fromthe originalon 22 May 2011.Retrieved15 March2011.
  55. ^"Banco BIC Português Official website".Archived fromthe originalon 16 December 2012.Retrieved12 December2012.
  56. ^"CMVM - the CMVM - Overview".Archived fromthe originalon 31 March 2013.Retrieved12 December2012.CMVM
  57. ^"Qualified Shareholding"(PDF).CMVM.
  58. ^"Announcement"(PDF).CMVM.28 August 2013.
  59. ^"Manager Transactions"(PDF).CMVM.
  60. ^"Announcement"(PDF).CMVM.
  61. ^"Optimus, Zon merger brings potential for expansion – Dos Santos".Archived fromthe originalon 21 October 2013.Retrieved30 August2013.
  62. ^"Isabel dos Santos The strategy of the new company will be open to new geographies".Archived fromthe originalon 21 October 2013.Retrieved30 August2013.
  63. ^Isabel dos Santos comparece na AG da Zon Optimussabado.pt. Retrieved 7 July 2018 (portuguese)
  64. ^NOS shareholder bids for Portugal Telecom sharesReuters, 9 November 2014
  65. ^Dos Santos launches bid for Portugal Telecom SGPSReuters, 1 December 2014
  66. ^BFA Announces Board ChangesBloomberg, January 2017
  67. ^"Isabel dos Santos steps out of BPI with 80 million".E. C. O. news.14 February 2017.Retrieved30 November2022.
  68. ^Portuguese group Sonae authorised to open hypermarkets in AngolaArchived29 January 2012 at theWayback MachineAicep Portugal Global. Retrieved 27 December 2011
  69. ^"Unitel Internacional assina contrato para ser segunda operadora em São Tomé e Príncipe".ANGOP.
  70. ^"Unitel takes over control of T+ in Cape Verde".
  71. ^"Africa Telecom & IT – Unitel to become second operator in Sao Tome & Principe".Archived fromthe originalon 14 July 2018.Retrieved1 April2013.
  72. ^"Unitel STP to start operating in Sao Tome and Principe this year".Macauhub English.30 May 2013.
  73. ^PÚBLICO (20 June 2015)."Forbes chega este ano a Portugal e África, pela mão de Isabel dos Santos".PÚBLICO.
  74. ^O'Grady, Vaughan (31 October 2022)."Unitel now owned by the Angolan state".Developing Telecoms.
  75. ^abScilla Alecci (19 January 2024)."Isabel dos Santos charged with 12 crimes in Angola over her dealings as Sonangol chair - ICIJ".Retrieved7 April2024.
  76. ^Ramalho, Miguel (3 February 2023)."Wanted by Interpol, Relaxing in Dubai: Geolocating Isabel dos Santos' Life of Luxury".Bellingcat.Retrieved3 February2023.
  77. ^"Luanda Leaks' Isabel dos Santos loses fight against $733 million asset freeze - ICIJ".21 December 2023.
  78. ^Isabel dos Santos made a fortune at the expense of the Angolan people, Luanda Leaks reveals.icij.org, published 19 January 2020
  79. ^"Luanda Leaks | Aparece muerto en Portugal el gestor financiero de Isabel dos Santos".El Confidencial(in Spanish). 23 January 2020.Retrieved23 January2020.
  80. ^"La Famille Dokolo: Ndona Tuluka – Nzolantima – Hanne – Manzanza – Sindika – Luzolo".Archived fromthe originalon 5 December 2017.Retrieved13 April2012.
  81. ^"Augustin Dokolo, an African entrepreneur".Archived fromthe originalon 8 December 2017.Retrieved14 March2013.
  82. ^"Congolese husband of Angola's Isabel dos Santos dies in diving accident -colleague, relatives".Reuters.30 October 2020.
  83. ^"Defying Angola and Interpol, Isabel dos Santos entrenches herself on Dubai waterfront - ICIJ".14 May 2024.
  84. ^"BBC 100 Women 2015: Who is on the list?".BBC News.17 November 2015.Retrieved17 December2022.
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