Alleged Fraud: Africa’s Richest Woman’s Assets Seized In Portugal

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Isabel Dos Santos, Angolan business woman is said to be Africa’s richest woman. she is being accused of embezzling over $ 1 billion from Angolan state-owned firms.

Isabel  has been battling a corruption probe both home and in Portugal. She is being accused of embezzling over $ 1 billion from Angolan state-owned firms.

The Portuguese Government seized shares owned by Angola’s Isabel dos Santos in the Efacec Power Solutions SGPS SA Company, in a bid to help the company find new owners.

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According to the Minister. Efacec has annual sales of $449 million.

Dos Santos owned a 72% stake in the company through a Maltese registered company called “Winterfell 2”. Angola’s Finance Minister, Pedro Vieira said on Thursday that the Angolan government has started plans to sell the stake and already has interest from interested bidders.

Isabel dos Santos had her assets frozen in December 2019 by Angolan courts, she claims the corruption probe against her was based on a fake passport signed by late Hollywood star Bruce Lee.  

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