Unitel Sues Isabel dos Santos' Company For $400m In London

1 year agoWed, 24 May 2023 05:30:15 GMT
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Unitel Sues Isabel dos Santos' Company For $400m In London

Angolan telecoms firm Unitel has initiated a $400m lawsuit against Isabel dos Santos’ Dutch company Unitel International Holdings (UIH) in London’s High Court.

The lawsuit claims that the loans provided to fund UIH’s acquisition of telecoms company shares were not returned, with approximately $395m plus interest still outstanding.

Unitel has requested to add dos Santos, Africa’s first female billionaire, to the case, alleging that she failed to make efforts to guarantee UIH returned the debts when she was a director of Unitel.

However, dos Santos’ lawyers have stated that Unitel is responsible for UIH’s incapacity to pay due to its alleged role in the “illegal seizure of UIH’s assets by the Angolan state.

Dos Santos has faced allegations of corruption for years, including claims that she and her husband diverted $1bn in state funds to firms they had stakes in during her father’s presidency.

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Her assets in Angola were taken for almost $1bn last year, and other assets linked to her were seized in Portugal. In November, Interpol issued an international arrest warrant for dos Santos.

Dos Santos has denied any wrongdoing and stated that the allegations are part of a “political conspiracy.” Isabel dos Santos is the daughter of former Angolan President Jose Eduardo dos Santos.

The request to add dos Santos to the case will be decided by Judge Mark Pelling at a later date.

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