Dutch court rules against Dos Santos in oil asset case - lawyers (updated)

Exem Co

27/07/2021 13:08

(Adds details, background)
    By Noah Browning
    LONDON, July 27 (Reuters) - A Dutch court has ruled a
half-billion-dollar stake in the Portuguese oil company Galp
linked to Angolan ex-first daughter Isabel Dos Santos must be
handed over to Angola, lawyers for the southwest African
country's state oil company said on Tuesday.
    Dos Santos - a business tycoon who became Africa's richest
woman - ran oil giant Sonangol from 2016 until 2017, when her
father's four-decade rule ended. 
    The acquisition of the stake was "tainted by illegality,
enabling Ms. Isabel dos Santos ... to reap an extraordinary
financial gain to the detriment of Sonangol and, consequently,
of the State of Angola", the Netherlands international
arbitration tribunal was quoted as saying by Sonangol's lawyers.
    Dos Santos's representatives did not immediately respond to
a Reuters request for comment.
    Angola has been seeking to drum up revenue as the COVID-19
pandemic exacerbates its severe debts and foils attempts to
upgrade ageing oil infrastructure. Dos Santos has been the focus
of a government crusade to claw back assets.    
    Dos Santos denied any connection to the holding company at
the centre of the case - Exem - which she says was owned by her
late husband. She denies any wrongdoing and says she is the
subject of a political witch-hunt by Angola's new leadership.
 urn:newsml:reuters.com:*:nL1N2KE0ML  urn:newsml:reuters.com:*:nL8N29F4H6     
    Under former President Jose Eduardo dos Santos, Sonangol
sold a 40% stake in an offshore holding company, Esperaza, to
another holding company - Exem - owned by Isabel's husband
Sindika Dokolo, a Congolese businessman.
    Esperaza, in which Sonangol retained a 60% stake, in turn
partnered with the business empire of Portugal's Amorim family
to form yet another holding company, Amorim Energia, which is
the largest shareholder in Portuguese oil company Galp Energia
 GALP.LS  with a stake of around 33%. 
    The value of holding company Exem's indirect stake in Galp
fluctuates with oil prices and is currently worth almost $500
million.    
    Galp and Amorim Energia have denied any dealings with Dos
Santos.  urn:newsml:reuters.com:*:nL8N2AI49B

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Exem and Sonangol    https://tmsnrt.rs/2FMKA0u
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 (Editing by Alex Richardson)
 ((noah.browning@thomsonreuters.com;))