Defend Truth


The noose is closing on Angola’s Isabel dos Santos and stolen loot stashed away in other countries

The noose is closing on Angola’s Isabel dos Santos and stolen loot stashed away in other countries
Isabel dos Santos is facing a criminal investigation in Angola, and her Portuguese assets have been frozen. (Photo: Daniel Rodgrigues/Bloomberg)

Pursuing the fleeing daughter of Angola’s previous president to recover vast amounts of stolen public money is being hailed as a major test of unravelling Angola’s deeply ingrained corruption. But the country’s poor actually benefiting from these attempts seems unlikely.

Like South Africa’s infamous Gupta brothers, Isabel dos Santos is believed to be hiding in Dubai from prosecutors who want her for an alleged massive theft of public money. The apparently ill-gotten gains of the daughter of Angola’s previous president, the late José Eduardo dos Santos, lie frozen in accounts in many countries.

Her case is becoming a major test of Angolan President João Lourenço’s commitment to unravelling his country’s deeply ingrained corruption. It will also test the resolve of foreign countries to help Angola recover the vast amounts that she and others allegedly stashed abroad. This has implications for other African states.

It was common knowledge for decades that former president Dos Santos, who came to power in 1979, was fleecing Angola’s coffers on an industrial scale. And no one believed his daughter’s claim that she became a multibillionaire through her business acumen.

Former Angolan President José Eduardo dos Santos and his daughter Isabel dos Santos during the inauguration of the new Marginal de Luanda Bay in Luanda. (Photo: supplied)

But it was only after Dos Santos retired as president in 2017 and was succeeded by Lourenço that the proof began to surface. The 2020 Luanda Leaks published by the International Consortium of Investigative Journalists (ICIJ) and other media confirmed the rumours.

Read in Daily Maverick:Angola’s José Eduardo dos Santos was a ruthless manipulator who left no legacy

The exposé revealed how Dos Santos had created Isabel’s wealth by awarding her companies, public contracts, tax breaks, telecom licences, diamond mining rights and preferential loans. And by making her chief executive of the state oil company Sonangol – a vital post in a country almost entirely dependent on oil revenue.

Stashed assets

The ICIJ estimated that Isabel dos Santos had stashed at least US$2.1-billion in bank accounts and assets – mostly in Europe, especially Portugal, but also in the US and Asia. Other estimates go higher. That was when Angolan authorities charged her with money laundering and embezzlement, precipitating a worldwide avalanche of legal actions against her.

Angolan, Portuguese and American authorities froze Dos Santos’s many assets and bank accounts, and they and other jurisdictions launched criminal investigations against her. The US and other governments banned her from entering their countries. Her business empire in Angola and abroad was largely dismantled.

Late last year, Interpol issued a Red Notice calling on all governments to provisionally arrest her, pending local legal processes. Dos Santos is believed to be confined to Dubai as the United Arab Emirates has no extradition treaties with Angola or Portugal.

African anti-corruption campaign

In many ways, the Angolan government’s anti-corruption campaign against Dos Santos and others has so far been exemplary in African terms. Yet the jury must remain out until we see how it ends.

Will Dos Santos ever stand in the dock to face her accusers? And will all the money she allegedly stole ever be recovered and returned to Angola to provide schools, hospitals and other amenities for the country’s millions of paupers?

Karina Carvalho, Head of Transparency International Portugal, has her doubts. Many foreign countries would have to cooperate. But Carvalho told ISS Today that success ultimately depended on the commitment of Lourenço’s administration to clean government and the Angolan judiciary’s independence.

Unless the Angolan authorities now moved swiftly and firmly against her, Dos Santos would deplete much of her stolen money paying expensive lawyers to challenge the freezing of her assets. She had already begun doing that, winning a recent judgment in the Portuguese courts to unfreeze her assets in the Portuguese bank EuroBic – a bank prosecutors claimed she established mainly to launder money out of Angola.

How resolutely the Lourenço administration pursues Dos Santos and her wealth depends on its ultimate motivations. Dos Santos claims she’s the victim of a political witch hunt by Lourenço against her family. Carvalho dismisses this, saying simply: “They’re going after her because she stole money.”

No Robin Hood crusade

But this isn’t just a Robin Hood-like moral crusade by Lourenço to recover loot stolen by Dos Santos and many others, and return it to Angola’s poor. For one thing, it’s not just about Dos Santos. Carvalho notes that the ruling People’s Movement for the Liberation of Angola had always had close ties with Sonangol, and still does. “Some of the leading political figures in Angola funded their business deals through Sonangol. Some are still in power.”

That’s why Lourenço is being cautious, she adds. And perhaps reluctant. She notes that it was only after the publication of the Luanda Leaks that Angola laid charges against Dos Santos. And it was also only after media pressure last year that Luanda asked Interpol to issue its international arrest warrant.


Visit Daily Maverick’s home page for more news, analysis and investigations


In her book Governing in the Shadows: Angola’s Securitised State, independent analyst Paula Cristina Roque quotes a former adviser to the late president Dos Santos remarking that: “If the anti-corruption drive were real, Lourenço wouldn’t have a government.”

Carvalho insists that the international community has a large role in shutting down the enablers – the consultants, lawyers, accountants and others in Europe and elsewhere, who helped Dos Santos move stolen money abroad. Astonishingly, Portugal allowed Dos Santos to establish EuroBic in the country despite her being a “politically exposed person”. Carvalho is pinning some hope that the US Enablers Act, which is weathering stiff resistance in Congress, will be passed and prove exemplary.

What ultimately is motivating Lourenço? Roque believes his anti-corruption campaign has three main aims: aligning political support and subverting allies of José Eduardo dos Santos; renewing Angola’s (badly tainted) international image (among investors and the like); and recovering enough money to clear the country’s budget deficit.

These goals are arguably not that different, in broad terms, from those of South Africa’s President Cyril Ramaphosa. He and Lourenço – both leaders of former liberation movements now in government – confronted the dismal legacy of years of deep state capture by their predecessors. Both have experienced considerable difficulty and exhibited considerable caution in trying to erase those legacies.

In both countries, the essential wheels of justice have ground exceedingly slowly. Yet they are grinding still – though perhaps more surely in South Africa than in Angola. DM

Peter Fabricius is a Consultant for the Institute for Security Studies (ISS) Pretoria

First published by ISS Today.


Comments - Please in order to comment.

Please peer review 3 community comments before your comment can be posted


This article is free to read.

Sign up for free or sign in to continue reading.

Unlike our competitors, we don’t force you to pay to read the news but we do need your email address to make your experience better.

Nearly there! Create a password to finish signing up with us:

Please enter your password or get a sign in link if you’ve forgotten

Open Sesame! Thanks for signing up.

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options

Become a Maverick Insider

This could have been a paywall

On another site this would have been a paywall. Maverick Insider keeps our content free for all.

Become an Insider
Daily Maverick Elections Toolbox

Download the Daily Maverick Elections Toolbox.

+ Your election day questions answered
+ What's different this election
+ Test yourself! Take the quiz