London judge rules in favor of unitel in loan default case.
Isabel dos Santos, the self-exiled daughter of former Angolan President Jose Eduardo dos Santos, has had £580 million ($734 million) of assets frozen in a London legal dispute with telecommunications firm Unitel SA. The legal action was initiated by Unitel, which sued dos Santos and her Dutch holding company Unitel International Holdings BV for defaulting on loans totaling around €325 million and $44 million.
A London judge ruled on Wednesday in favor of Unitel, granting a freezing order and citing dos Santos’ properties in London, Dubai, and Monaco, collectively valued at over $100 million. Unitel argued that the loan terms were “uncommercial” with unjustifiably low interest rates, benefiting dos Santos personally. The judge noted that Unitel is effectively controlled by the Angolan State.
Dos Santos, once Africa’s richest woman, has faced corruption allegations, accused of causing over $5 billion in losses to Angola during her father’s 38-year rule. Her assets in Angola and Portugal have been frozen, and Interpol has issued an international arrest warrant. Dos Santos consistently denies any wrongdoing.
Lawyers for dos Santos argued that the lawsuit is a political campaign against her at the behest of the Angolan government, emphasizing the need to consider the case within the context of political feuding. As of now, lawyers for dos Santos and Unitel have not provided immediate comments on the ruling.