Former Africa’s wealthiest woman, Isabel dos Santos, has suffered a legal setback as her assets totalling $734 million face a freeze following an unfavourable ruling in a case brought against her by Angolan telecoms operator Unitel.

The legal dispute stemmed from loans extended to the Dutch company Unitel International Holdings (UIH) in 2012 and 2013.

Dos Santos, who was a director at Unitel during that period, facilitated these loans to finance UIH’s acquisition of shares in various telecom companies.

Unitel, aiming to safeguard its interests, pursued a global freezing order to prevent dos Santos from moving her assets beyond the company’s jurisdiction.

In a significant development on Wednesday, a London judge sided with Unitel, granting the freezing order.

According to Bloomberg, which first reported the news, the order encompasses dos Santos’ properties in London, Dubai, and Monaco, collectively valued at over $100 million.

Throughout the legal proceedings, Unitel argued that the loan terms were “uncommercial,” featuring disproportionately low interest rates, and were sought by dos Santos for her gain.

The judge’s decision emphasized dos Santos’ association with Unitel until November 2020, highlighting that the company is effectively controlled by the Angolan State.

Backstory

In 2013, Forbes initially crowned Isabel Dos Santos as Africa’s wealthiest woman, with a net worth of $3 billion recognizing her substantial stakes in Angolan companies.

However, her financial standing underwent a dramatic shift in 2020 when she fell from grace to grass and was ousted from the list of the continent’s richest women.