Tue. Feb 18th, 2020


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Africa’s Richest Woman’s Empire Begins to Crumble

Angolan businesswoman Isabel dos Santos delivers a speech during the start of the new EFACEC Portuguese corporation's electric mobility industrial unit on February 5, 2018 in Maia. Elder daughter of Angola's long reining President Jose Eduardo dos Santos, Isabel is, according to Forbe's magazine, the wealthiest woman in Africa. / AFP PHOTO / MIGUEL RIOPA

Portuguese bank EuroBic has announced it will end its business relationship with  Isabel dos Santos. The move follows an investigation by the BBC and partner organisations which uncovered a number of questionable deals by the billionaire. Ms Dos Santos says the claims against her are entirely false. Her business deals ranged from Angola’s state oil company Sonangol to its biggest mobile phone provider. The bank said the board of directors had decided in a meeting on Monday to “terminate the commercial relationship with entities controlled by the universe of the shareholder Isabel dos Santos and people closely related to it”, adding it would investigate transfers worth tens of millions of dollars made by Ms dos Santos.