Isabel dos Santos: Angolan billionaire hit with £580m asset freeze

An Angolan billionaire, described as Africa's richest woman, Isabel dos Santos, has lost a High Court battle to stop her assets from being frozen. The legal dispute, initiated by telecoms firm Unitel, seeks damages of $733 million (£580 million) related to financial decisions made by Ms Dos Santos during her directorship.

Ms Dos Santos, daughter of a former president, argues that the case is a political vendetta. Critics have accused her of using her influence in Angola for personal enrichment, allegations she strongly denies.

The case focuses on loans made in 2012 and 2013, totaling around $400 million, from Unitel to another company, Unitel international Holdings (UIH), owned and controlled by Ms Dos Santos. Unitel alleges that the loans were made at rates below commercial values without significant security, ultimately benefiting Ms Dos Santos personally.

Ms Dos Santos denies the allegations, stating that the loans were approved by Unitel's board and shareholders in good faith. She views the freezing order as part of a political campaign against her by the current Angolan government.

The High Court, in a ruling on December 20, granted a freezing order in favor of Unitel. Ms Dos Santos's assets, including properties in the UK, Monaco, and Dubai, are subject to the freeze.

While the terms of the order will be decided later, the judge warned that this case seems suitable for a worldwide freezing order beyond the High Court's immediate jurisdiction.

Isabel dos Santos, previously known as Africa's richest woman with an estimated fortune of $2 billion, is no longer included in Forbes' rankings due to ongoing asset disputes in various territories.