24 Jan 2020
Isabel dos Santos, Africa’s richest woman, is set to be indicted on charges including money laundering, influence peddling and forgery.
The forthcoming charges were announced by Angola’s prosecutor general Hélder Pitra Grós at a news conference on Jan. 22. They came less than a week after a sweeping international investigation into the finances of dos Santos, which included her brief stint as chairwoman of state oil company Sonangol.
“Isabel dos Santos is accused of mismanagement and embezzlement of funds during her tenure at Sonangol,” Pitra Grós told reporters. “[She] is thus charged in the first instance with the crimes of money laundering, influence peddling, harmful management… forgery of documents, among other economic crimes.”
A series of stories released this week — based on documents obtained by the International Consortium of Investigative Journalists detailed in FRONTLINE’s The Luanda Leaks — revealed how dos Santos built her business empire with access to Angolan state funds.
In a statement issued on Jan. 23, dos Santos denied all allegations against her, saying they were “extremely misleading and untrue.” She said: “This is a very concentrated, orchestrated and well-coordinated political attack, ahead of elections in Angola next year… [and] no-one should be taken in by these diversionary tactics.”
Dos Santos said she has “always operated within the law,” and that all of her commercial transactions have been “approved by lawyers, banks, auditors and regulators.” Dos Santos also said she had hired lawyers to take action against “inaccurate and defamatory reports.”
“I am ready to fight through the international courts to defend my good name,” she said.
The day Pitra Grós made his announcement, Portuguese media reported the death of banker Nuno Ribeiro da Cunha, a head of private banking at EuroBic, the Lisbon bank where dos Santos is a primary shareholder. Sources told Portugal’s Jornal Económico that the apparent cause was suicide. The banker was one of the five suspects initially named in Pitra Grós’s investigation.
By Karen Pinchin, Frontline, 23 January 2020
Read more at Frontline
RiskScreen: Eliminating Financial Crime with Smart Technology
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet