The Angolan businesswoman Isabel dos Santos appears not best pleased the she has been included in the Transparency International list of the 15 cases that most symbolise corruption in the world.
The daughter of the president of Angola has issued a statement released by Fidequity* which commented -
"Isabel dos Santos is an independent businesswoman and a private investor, only representing her own interests. The investments Isabel dos Santos has made in Angolan and Portuguese companies are transparent and have been made through transactions based on the arm's length principle, involving external entities such as banks and reputable law firms."
The statement comes only few days after Transparency International published her name among the 15 which included Ricardo Salgado of Banco Espírito Santo, the Brazilian company Petrobras, the President of Equatorial Guinea, Teodoro Obiang, and FIFA.
Fidequity claimed on behalf of its client that because Isabel dos Santos is a shareholder or manages a number of companies in Angola and Europe that she is under the close scrutiny of several regulators.
The company also claims that Isabel dos Santos has followed the laws and has not used any Angolan public funds in her business dealings.
The 15 cases representing the most corrupt in the world were chosen from 383 nominations from the public, ranking Isabel dos Santos and her alleged financial links to her father’s harsh regime along with the government of Burma and the Chinese government.
Isabel dos Santos is considered by Forbes to be the richest woman not only in Angola, but the whole of Africa. In 2013, according to research by Forbes, her net worth had reached more than three billion US Dollars, making her Africa’s first billionaire woman.
The widespread suspicion is that Isabel dos Santos, over many years has used her powerful status and Angolan national funds to fuel her acquisition of shares in some of Portugal’s most prominent companies.
The Angolan president long stands accused of pocketing vast sums from the country’s oil royalties for his personal and family’s benefit.
USD32 billion is known to be missing from Angola's national accounts in the decade to 2012 with the suspicion that some of it has ended up being invested in Portugal through his daughter’s seemingly glittering business career.
In 2015, Forbes commented -
"Isabel dos Santos is the oldest daughter of Angola's longtime president and, by virtue of her investments in Portugal and Angola, is Africa's richest woman.
Though her representatives deny that her holdings have any connection with her father, Forbes research found that her father, President Jose Eduardo dos Santos, transferred stakes in several Angolan companies to her.
Her assets in Angola include 25% of Unitel, the country's largest mobile phone network, and a stake in a bank, Banco BIC. In Portugal she owns a nearly 7% chunk of oil and gas firm Galp Energia (alongside Portuguese billionaire Americo Amorim), and nearly 19% of Banco BPI, the country's fourth-largest bank.
She is also a controlling shareholder of Portuguese cable TV and telecom firm Nos SGPS (formerly called Zon). In June 2015, media reported that she spent slightly more than $200 million to buy a stake in Portuguese equipment firm Efacec Power Solutions.
In October 2015, four members of the European Parliament publicly called for an investigation into Isabel dos Santos' investments in Portugal, questioning the legality of the purchase, saying that the method of payment --a transfer of funds by the Angolan government - "raises the possibility the Angolan State is indirectly and illegally financing private investments of his daughter Isabel dos Santos."
A spokesperson for Dos Santos did not respond to an email requesting comment on the allegations."
See also -
BES's Ricardo Salgado in the running for 'the most corrupt person in the world'
Investigation into Isabel dos Santos’ Portuguese investments
*The Fidequity group provides private equity advisory services to Limited Partners and General Partners worldwide. With offices in London, Paris and New York, Fidequity creates tailored solutions for investors and fund managers through its holistic approach to the private equity asset class. Proprietary systems and industry intelligence are leveraged across three business units: Fidequity Financial Services, including fund placement and secondary market advisory; Clipperton Fidequity, venture capital focused investment banking boutique; and Fidequity Executive, executive search and due diligence services.
