Isabel dos Santos likely to be axed as head of Angolan telecoms firm
Shareholders with as much as 75% of Unitel are likely to vote for the removal of Africa's richest woman, independent economist Antonio Estote says
Africa’s richest woman is set to be ousted from the helm of Angola’s biggest telecommunications company as shareholders meet on Tuesday to discuss corporate governance in the wake of legal action by one of its biggest investors. The meeting at Unitel, of which chair Isabel dos Santos owns 25%, comes after an arbitration court ruled that Brazilian telecommunications company Oi was entitled to receive $654m from other Unitel shareholders because they violated several clauses of the company’s shareholders’ agreement and failed to pay dividends to Oi. Shareholders with as much as 75% of Unitel are likely to vote for the removal of Dos Santos, according to Antonio Estote, an independent economist and professor at the Universidade Lusiada de Angola. Besides Oi, the shareholders are state oil company Sonangol and army general Leopoldino do Nascimento, who each hold 25%, according to Estote. The daughter of former Angolan president Jose Eduardo dos Santos, Isabel amassed a fortune during he...
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