Isabel dos Santos (pictured), daughter of former Angolan President Eduardo dos Santos, has just suffered another financial blow. She loses control of Vidatel, a telecom operator registered in the British Virgin Islands.
Through Vidatel, the Angolan businesswoman held a 25% stake in the Angolan mobile operator Unitel. These shares had been placed under judicial supervision by Angola after investigations were opened against her.
The shares were confiscated by the Supreme Court of the British Virgin Islands. The institution appointed court administrators to manage these assets and all related bank accounts. They will also control Vidatel's interest in Unitel, including the rights inherent to such interest, namely Vidatel's voting and representation rights at Unitel's shareholders' meetings and Vidatel's right to receive past dividends and futures contracts.
The loss of control of Vidatel by Isabel dos Santos occurred after the freezing of her bank accounts in Angola in January 2020, followed one month later by the freezing of her bank accounts in Portugal. In April 2020, the businesswoman lost her shares in the Portuguese telecom operator NOS, which were seized by the courts.
Absa Kenya hires M-PESA’s Sitoyo Lopokoiyit, signalling a shift from branch banking to a telecom-s...
Ziidi Trader enables NSE share trading via M-Pesa M-Pesa revenue rose 15.2% to 161.1 billio...
MTN Group has no official presence in the Democratic Republic of Congo, where the mobile market is d...
Deposits grow 2.7%, supporting lending recovery Average loan sizes small, credit risk persists ...
Global South Utilities (GSU) has begun building a 5 MWp hybrid solar plant with 5 MWh battery st...
Niger’s Tiani begins two-day visit to Algeria Trip follows ambassador recall and diplomatic normalization Countries advance gas pipeline and...
Burkina Faso, Algeria sign energy and mining cooperation minutes Deal covers fuel supply, LPG trade, technical expertise Agreement builds on...
The main point of contention between Niamey and France’s Orano concerns the uranium stock extracted before the nationalisation of Somaïr, an issue that...
FONSIS seeks partners for 500 MW gas plant Project to operate under IPP model, supply national grid Plant supports Senegal’s Gas-to-Power energy...
Fort Jesus is a fortress located in Mombasa, on Kenya’s coastline, at the entrance to the natural harbor that long made the city a hub of trade in the...
While Afrobeat has evolved into what is now known as Afrobeats, there is little dispute that the movement was pioneered by Fela Kuti. A musical genius and...