CORRUPTION: Portugal Seizes More Assets Belonging To Angola’s Richest Person, Isabel Dos Santos

July 5, 2020
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In a bid to help the Efacec Power Solutions SGPS SA Company find new owners, the Portuguese Government seized shares owned by Angola’s richest person, Isabel dos Santos.

Isabel Dos Santos 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.

Dos Santos owned a 72% stake in the company through a Maltese registered company called “Winterfell 2”.

“Angolan government has started plans to sell the stake and already has interest from interested bidders,” Angola’s Finance Minister, Pedro Vieira was quoted as saying Thursday.

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

Efacec announced back in January that Isabel dos Santos had planned to sell most of her majority stake in the company.

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.  

Her assets were also frozen by Portugal in February. 

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