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Looters! Learn From Isobel Dos Santos Of Angola - Your Day Will Also End - Politics - Nairaland

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Looters! Learn From Isobel Dos Santos Of Angola - Your Day Will Also End by meavox: 5:58pm On Jan 23, 2020
From a WhatsApp post:


[b]Who is Isobel dos Santos?

Isobel dos Santos, 46, is the eldest daughter of Angola’s former president José Eduardo dos Santos, who served as the country’s autocratic leader from 1979 until 2017, throughout the country’s civil war. She studied electrical engineering at King’s College London, and launched business ventures like a restaurant called Miami Beach in Luanda, Angola’s capital.

In 2002, she married Congolese businessman Sindika Dokolo, a high-profile collector in the art world; for their 10-year wedding anniversary, the couple reportedly flew in dozens of friends and relatives from abroad to Angola for a lavish three day-long celebration. A 2013 profile in Forbes magazine declared that she was Africa’s richest and only female billionaire, as well as the continent’s youngest.
By the time she was 40, Dos Santos owned significant stakes in Angola’s key industries, including banking, cement, diamonds and telecom, and expanded in 2009 to include stakes in Portuguese banks and media companies. Dos Santos is thought to own luxury properties in London, Lisbon, and Monte Carlo, and a luxury residence in Dubai on a seahorse-shaped artificial island, according to the New York Times. In recent years, she has been photographed mingling with stars including Nicole Scherzinger and Paris Hilton.

What is she being accused of?
According to the leaked documents, which span from 1980 to 2018 but largely cover the last ten years, dos Santos benefited from lucrative deals in several of Angola’s key industries during her father’s presidency, and redirected state funds to a web of shell companies worldwide. The documents also allege that dos Santos was implicated in corruption in Angola’s diamond industry. In 1999 the president gave her a 24.5% share in the Angola Selling Corp, with an exclusive license to market Angolan diamonds, to a company controlled by dos Santos and her mother. In 2012, Dokolo signed a deal with Angola’s diamond-trading agency to buy a stake in the Swiss luxury jeweller De Grisogono. The documents allege that this deal was funded by the state company; the New York Times reports that De Grisogono is today facing a total loss. Partially funded through Angolan state funds, the jewelry company hosted annual parties on the French Riviera hosting the likes of Naomi Campbell and Leonardo diCaprio.

What are the accusations involving international companies?
Dos Santos and Dokolo are also accused of establishing and funneling millions of dollars to shell companies in tax havens, including Dubai, Malta and the British Virgin Islands. The documents allege that the Malta office of London-based consulting firm PwC was hired to audit dos Santos’ company accounts. U.S. consulting giants Boston Consulting Group and McKinsey were also allegedly hired by advisers of dos Santos to rescue the struggling Sonangol in 2016. The leaks of invoices from shell companies — tied to dos Santos and her associates — show millions of dollars were paid to these consulting firms. A spokesperson for the Boston Consulting Group told the New York Times that it took steps to “ensure compliance with established policies and avoid corruption and other risks,” while McKinsey said that it was no longer doing any work with dos Santos or her companies.

….. Dos Santos’ half brother is also facing corruption charges in Angola, and is alleged to have stolen $500 million during his time as head of the country’s Sovereign Wealth Fund. Experts say that the alleged corruption is not the sole cause of Angola’s economic recession, which has been ongoing since 2016. “The fundamental reason for recession in Angola is that they’re addicted to oil money,” says Vines. “It’s compounded by the fact that in the boom years, the Angolan economy was clearly mismanaged. There was seepage of money, and the allegations in the Luanda files indicate that there could have been significant diversions of funds, but they in themselves aren’t the driver of recession.”

According to reports, Dos Santos left Angola in 2018 for the U.K., where she’s thought to own properties in central London. On Monday, Angola’s prosecutor general said on public radio that the country would use “all possible means and activate international mechanisms to bring dos Santos back to the country.”


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