Isabel dos Santos Loses Appeal on Asset Freeze

Isabel dos Santos, Africa's first female billionaire, has lost her appeal against a court order freezing up to £580 million ($778 million) of her assets in the UK, a decision upheld by the Court of Appeal. This legal battle stems from a lawsuit by Angolan telecom operator Unitel, which claims that dos Santos mismanaged loans amounting to 323 million euros and 43 million dollars made to her Dutch company, Unitel International Holdings (UIH), in 2012 and 2013 while she was a director at Unitel. The loans have not been repaid, leading to a worldwide asset freeze initially granted in December 2023. Dos Santos, who has faced ongoing corruption allegations, contends that she is a victim of political persecution and blames Unitel for UIH's inability to repay the loans due to alleged unlawful asset seizures. Despite her claims, the court found sufficient grounds to maintain the asset freeze order, further complicating her legal troubles. This ruling adds to the scrutiny surrounding dos Santos, particularly regarding her financial dealings during her father's presidency in Angola.