Isabel dos Santos, the daughter of former Angolan President Jose Eduardo dos Santos, diverted state funds to her personal accounts between 2006 and 2017, a Netherlands court has ruled.
The 48-year-old worked with senior managers of Angola’s state oil company, Sonangol, to siphon $57 million, the Court of Appeal in Amsterdam stated on Tuesday.
Evidence indicated that the money was channelled to Isabel’s accounts through Dutch private limited companies. The said-offence occurred when the businesswoman’s father was serving as President of Angola.
The appellate court largely blamed the directors of Sonangol for forging documents that aided the corrupt activities. Isabel had also been accused of using a proxy company to buy Sonangol shares on behalf of her Congolese spouse, Sindika Dokolo, who died in October 2020.
A tribunal of the Netherlands Arbitration Institute ruled in 2021 that Isabel fraudulently acquired the shares. According to the tribunal, the acquisition was void for being “contrary to public order and morality.”
Anti-corruption fight
Isabel’s father – now deceased – stepped down from the presidency in 2017, paving way for his successor, Joao Lourenco. Upon assuming office, President Lourenco sacked Isabel from her role as the chairperson of Sonangol as part of a crackdown on corruption.
A subsequent investigation by the Netherlands court established that Isabel had forged resolutions that had been signed allowing her to receive $57 million from Sonangol in the form of dividends. The court stated in its ruling that “all persons who signed one or more decrees knew that these were backdated.”
Mario Leite de Silva, a key associate of Isabel and the financial administrator of Sonangol, was also found guilty of involvement in graft.
Maarten Drop, the lawyer for Sonangol, has welcomed the court ruling, terming it “a boost in Angola’s fight against corruption,” Angolan news agency, LUSA, reports.
The Angolan government is trying to recover about $1 billion in assets from Isabel. Interpol has issued a red notice calling for her provisional arrest despite denying that she benefited unfairly from her father’s position. Isabel is suspected to be hiding in Dubai.
