Isabel dos Santos cleared of three charges in Angola court

Isabel dos Santos, Africa’s first female billionaire and the eldest daughter of Angola’s former president José Eduardo dos Santos, secured a significant legal victory this week after the Angolan Supreme Court cleared her of three of the 11 criminal charges she has faced for years. The ruling marks one of the most notable shifts in her long-running dispute with authorities over her management of Sonangol, Angola’s state oil company.

Billionaire status shadowed by fraud allegations

Dos Santos, who was once one of Africa’s top business figures, rose to global prominence in 2013 when she was recognized as the continent’s first female billionaire. But her fortune and reputation came under pressure after Angola’s government accused her and her late husband of diverting as much as $1 billion from state entities during her father’s nearly four decades in power. Her father, who ruled from 1979 until stepping down in 2017, died in July 2022.

The charges stem from her period as chair of Sonangol between 2016 and 2017. During the investigation, prosecutors listed a wide range of alleged offenses, including embezzlement, aggravated fraud, breach of trust, document forgery, tax fraud, and money laundering. The case has moved slowly through Angola’s legal system, drawing international attention because of her global business footprint and her family’s political influence.

Legal battles continue beyond Angola

In its latest decision, the Supreme Court dismissed allegations of criminal association, abuse of power, document forgery and simple tax fraud. She still faces counts of embezzlement, aggravated fraud, breach of trust, economic participation in business, influence peddling, two money-laundering charges, and aggravated tax fraud. The court said her alleged actions caused losses of more than $208 million to the Angolan state, citing improper salary payments, loss-making transactions, tax violations, and payments to companies linked to her interests.

Even as she welcomes the partial acquittal, dos Santos continues to fight legal pressure beyond Angola. She is appealing a ruling by a London court that froze $734 million of her assets in December 2023. That freeze was tied to loan disputes totaling €325 million ($410.5 million) and $44 million ($55.6 million). Dos Santos and her Dutch holding company, Unitel International Holdings BV, say the move was politically driven and deny any wrongdoing.