Who is Africa’s richest woman?
Africa’s richest woman, who goes by the name Isabel dos Santos, is thoroughly being examined by her government and bank facing allegations on how she gained her wealth. She is the daughter to former Angola president Jose Eduardo dos Santos. Isabela was born on the 20th of April 1973 and a mother of three. She relates her material possessions to the fruits of her hard work as a shrewd business lady and inheritance from her parents. However, the lady is facing scrutiny and infamousness because of the discovery made that she achieved her wealth through corruption. Therefore, contributing to the decline in Angola’s economy. Isabel is living in exile in Portugal as she is resistant to face the accusations made. Some factors supporting the allegations are as explained below.
Aid from western firms
The big four western firms have played a greater role in building Isabell’s empire. These firms’ interest is rather on the aspect of profit-making other than professional requirements. This is clear as they instead help in hiding the client’s wrongdoing. For instance, both the Angolan state trading agency and Congolese businessman (husband to dos Santos) gained controlling shares to a Swiss jeweler. They incurred losses of about $33 million from the private sales made by the Jeweler. With the help of dos Santos anonymous companies from Malta and British, they gained full ownership of the swiss jeweler. This came about despite the Angolan government having shared too.
Moreover PWC, one of the western firms aided in providing financial help to dos Santos companies i.e. in accounting and financial services.
They provided shrewd views on how to make extreme profits and ways on how to avoid or overcome high taxes. Aiding in their company’s growth. These favors were rather because of the previous work relations established while dos Santos worked for co-opera &Lybrand. Deloitte also provided auditing services for the companies owned by dos Santos without minding whether the sources funding the companies were legit. As a result, dos Santos companies had adequate resources and services to facilitate their development.
Prominent legal representatives from Portuguese law firms
Because of monetary possessions, dos Santos had skilled attorneys who knew how to protect their wealth. With their lawyers help the couple created anonymous companies to launder their money, making their business prosper with less arousal of suspicion. They also seek financial advice from their attorneys making their business prosperous.
The decline of investment by banks
Because of the red alarm concerning dos Santos wealth, a variety of banks took the precaution to abstain from partnering with the couple. Barclays, Citigroup subsidiary, Spanish giant Banco Santander and Deutsche banks all rejected the couples’ attempt to partner with them. The profits and revenue generated by Isabela’s company maybe with a blemish.
Angolan governments’ reaction
The government has fought corruption practices by dos Santos by putting undivided attention to ensure that they administer justice to the country. Following the rule of law, the court has also ordered the freezing of dos Santos assets.