Isabel dos Santos loses stake in Unitel

  • Operadora móvel angolana Unitel
Luanda - Angolan businesswoman Isabel dos Santos will henceforth no longer have the right to vote, participate in shareholders' meetings and receive dividends at Unitel SA, following the decision from the Supreme Court of the British Virgin Islands.

The move was also reported by the Angolan state-run Media houses – public television (TPA), national radio station (RNA) and newspaper (Jornal de Angola).

According to the Media, the judicial administrators of the Commercial Division of the Supreme Court of the British Virgin Islands decided to transfer to their management all bank accounts held and controlled by Vidatel, a company owned by Isabel dos Santos.

The judicial decision covers all inherent rights, including past and future dividends (interest on them).

The court decided, in an order dated November 19, following a lawsuit, to appoint judicial administrators for the management of specific assets of Vidatel, Limited, Isabel dos Santos company registered in the Islands Virgins, and all bank accounts held and / or controlled by Vidatel are managed by them.

Judicial co-administrators were appointed to preserve and secure the relevant assets, pending confirmation of Vidatel's conviction in relation to the arbitral award rendered in favor of PT Ventures, by the International Criminal Court ( ICC), on 20 February 2019, before the Paris Court of Appeal.

Judicial co-administrators must take any measures they deem necessary or desirable, including, in particular, measures to protect the company's relevant assets.

As a result of this decision, the company Vidatel is no longer under the control of Isabel dos Santos and, therefore, the 25 per cent of Unitel's shares held are also no longer under her control.

The British court decision once again supports the various lawsuits the Angolan State has filed against the businesswoman that damages the country.

The Provincial Court of Luanda, in case no. 3301/2019 - C, dated December 30, 2019, determined the preventive seizure of Vidatel's 25% stake in Unitel, a decision whose validity is recognised by the British Virgin Islands Court.

 

The move was also reported by the Angolan state-run Media houses – public television (TPA), national radio station (RNA) and newspaper (Jornal de Angola).

According to the Media, the judicial administrators of the Commercial Division of the Supreme Court of the British Virgin Islands decided to transfer to their management all bank accounts held and controlled by Vidatel, a company owned by Isabel dos Santos.

The judicial decision covers all inherent rights, including past and future dividends (interest on them).

The court decided, in an order dated November 19, following a lawsuit, to appoint judicial administrators for the management of specific assets of Vidatel, Limited, Isabel dos Santos company registered in the Islands Virgins, and all bank accounts held and / or controlled by Vidatel are managed by them.

Judicial co-administrators were appointed to preserve and secure the relevant assets, pending confirmation of Vidatel's conviction in relation to the arbitral award rendered in favor of PT Ventures, by the International Criminal Court ( ICC), on 20 February 2019, before the Paris Court of Appeal.

Judicial co-administrators must take any measures they deem necessary or desirable, including, in particular, measures to protect the company's relevant assets.

As a result of this decision, the company Vidatel is no longer under the control of Isabel dos Santos and, therefore, the 25 per cent of Unitel's shares held are also no longer under her control.

The British court decision once again supports the various lawsuits the Angolan State has filed against the businesswoman that damages the country.

The Provincial Court of Luanda, in case no. 3301/2019 - C, dated December 30, 2019, determined the preventive seizure of Vidatel's 25% stake in Unitel, a decision whose validity is recognised by the British Virgin Islands Court.