Africa Monitor

Africa Monitor Intelligence

Angola: New Setback for Isabel dos Santos with Galp Energia Loss

In light of the new decision, Sonangol may also demand the refund of dividends paid by Galp to IS, which, if granted, would significantly aggravate her situation. Should Sonangol fail to do so, a signal will be given from the regime that the recovery of IS’ assets has become secondary to the necessary unification of the party, in view of the electoral processes already underway.
The cumulative effect of unfavorable decisions has not only relevant financial consequences, depriving her of revenues (namely dividends from Galp Energia), but also reputational and legal ones, as it strengthens the position of the Angolan State in the ongoing disputes. Because of the very perception of her weakness, along with her condition as an opponent of the Angolan regime, those who still supported her now tend to avoid links to IS. READ MORE