Tough Times for Isabel Dos Santos
The throne of the Richest Woman in Africa now belongs to another because its former occupant, Isabel Dos Santos, is being probed for corruption and fraud.
Angolan business tycoon and daughter of the former President of Angola, José Eduardo Dos Santos, Isabel Dos Santos, is being probed for corruption and fraud by the government of the current President of Angola, João Lourenço.
The former Richest Woman in Africa was accused of mismanagement of funds during her 18 months-long stays at Sonangol and illegal transactions with state-owned companies, stating that she built her wealth through corrupt financial practices.
The current president of Angola, João Lourenço, has ordered all of Isabel’s companies and bank accounts to be frozen till she is found innocent by the law. This has caused value destruction for the businesses, making it impossible for the companies to pay back loans and further plunging the Angolan businesswoman into debt.
Isabel Dos Santos has denied all accusations of fraud and corruption, stating that she built her wealth genuinely and is going to court to prove her innocence.
No one knows what the future holds for Isabel Dos Santos currently.