All past dynasties in Africa have crumbled. The modern ones are crumbling. The Dos Santos dynasty in Angola seems to be the next in line to collapse. The aftermath of the exit of ex-dictator Eduardo Dos Santos from the political stage after almost four decades is like a whirlwind. Now, the State Oil Company, Sonangol, has announced an investigation into the misappropriation of funds by Isabel dos Santos, the daughter of the former president, during her time as the company’s chief executive. Recently, some Angolan media outfits have begun to accuse dos Santos of ordering suspect transfers and payments worth tens of millions of dollars to fictitious accounts.
Ms. Isabel Dos Santos, who was appointed head of Sonangol by her father in 2015, was removed from office last month by the country’s new President, Joao Lourenco. Isabel has flatly denied any misconduct. Sonangol spokesman, Mateus Benza, said last week, “We have established an internal commission of inquiry to investigate the information published. We are verifying possible misappropriation, but I can’t yet confirm anything.”
According to reliable media reports, the new leadership at Sonangol had identified a suspect transfer of 57 million euros to Dubai. Investigators are also probing a monthly payment that began when Isabel became the head of the state oil giant of 10 million euros to a Portuguese company in which she was the principal investor. The new head of Sonangol is said to have written to his predecessor to demand explanations as well as alerting law enforcement agencies.
Prosecutors in the capital, Luanda, told reporters that they had not received a formal complaint. Isabel is not lying low. She has hit back alleging that the “campaign was aimed at defaming her integrity. This fake news does not deserve any credibility since their only goal is to cast doubt on the integrity of Isabel dos Santos,” she said in a tweet.
Dos Santos is reported by Forbes to be the richest woman in Africa and became a symbol of nepotism under the protection of her father. Jose Eduardo dos Santos stepped down as president following elections in August after 38 years in power defined by the transfer of wealth to those close to the regime.
His successor has promised to fight against corruption and recently dismissed some influential leaders of state-run companies who were seen as close to his predecessor.
