Daughter of former Angolan President under investigation for allegedly misappropriating state oil funds

Angola’s state oil company (Sonangol) has started an investigation into “possible misappropriation” of funds by Isabel dos Santos, the daughter of the former president, during her time as the company’s chief executive.

An internal commission of inquiry has been established to investigate the matter.

The spokesperson of the Sonangol said the outfit has established an internal commission of enquiry to investigate the possible misappropriation but nothing concrete has been confirmed.

According to the Novo Jornal and the Jornal Economico, the new leadership at Sonangol had identified a questionable transfer of 57 million euros ($67 million) to Dubai.

There is also an investigation into a monthly payment of 10 million euros that began when the President’s daughter became the head of the state oil giant. The payment was made to a Portuguese company in which Isabel was the principal investor.

Isabel dos Santos was appointed head of Sonangol by her father Jose Eduardo dos Santos in 2016 but was replaced last month by Angola’s new president Joao Lourenco.

The new head of Sonangol has demanded some explanations from to his predecessor and has alerted law enforcement agencies

Meanwhile, Isabel has denied any misconduct and instead accused the new administration of a ‘campaign of defamation’ against her.

“No clarification on these matters was ever requested from the previous Administration, and therefore, it cannot be at fault with the provision of any information…. the previous team was always available to clarify any doubts that might arise regarding their management,” Isabel wrote in a statement.

Isabel dos Santos is Africa’s richest woman and the 74th most powerful woman in the world on the Forbes 2017 list.

 

 

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