At the expense of the public: This is how the daughter of the President of Angola became the richest woman in Africa

Hundreds of documents released by the Guardian reveal how Isabelle de Los Santos has amassed $ 2.2 billion worth of state money while her father was in power. Businesswoman and her husband dominate international corporate empire and strongly deny: "orchestrated attack by government"

Worth $ 2.2 billion. Dos Santos (Photo: Reuters)

Isabel dos Santos, January 10, 2020 (Photo: Reuters)

The complex financial schemes that helped Africa's richest woman to raise capital at the expense of the state of Angola are first revealed after a huge leak of confidential documents from her business empire. Isabelle dos Santos is known as the "Princess" in Angola, the oil-rich country her father served as president for nearly four decades.

Dos Santos vehemently denies that a $ 2.2 billion valuation is the result of nepotism or corruption. However, an inquiry conducted by the Guardian newspaper in collaboration with journalists from 20 countries and led by the International Journalist Journal claimed that she had earned her money thanks to her father's government, Jose Eduardo dos Santos, before resigning in September 2017.

The businesswoman, who spends most of her time in London, dominates telecom, television, concrete, diamonds, alcohol, supermarkets and real estate across Africa and Europe. "The leaks of Luanda" (the capital of Angola) are based on a collection of 715,000 emails, tables, contracts, Account books and reports.

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Denies. Jose Eduardo de Santos (Photo: AP)

Angola President Jose Eduardo De Santos, 2014 (Photo: AP)

Dos Santos and her husband, businessman and art collector Syndica Ducolo, said the computers belonging to their employees and legal advisers were hacked. According to them, they are subject to political witch hunting by the new Angola president. Through their attorneys, they pleaded not guilty and vehemently denied being financed by state funds.

"There is an orchestrated attack on the part of the current politically and totally unfounded government," Dos Santos told BBC Africa. "I can say my assets are commercial, no revenue from public agreements or agreements or any amounts diverted from other sources." Ducolo described the administration's actions as "armageddon" and a risk to the economy. The couple noted that the business they own employs thousands of people in Angola and is considered one of the country's largest tax donors. According to the husband, "We have worked and invested in this country more than many others."

The former president also dismissed all charges, saying he "did not transfer money to himself or any other entity from the state."

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At the end of a seven-month investigation, the Guardian along with the BBC, the New York Times and other media outlets revealed doubts about profitable transfers and preferred deals with Angola worth hundreds of millions of dollars. The materials reveal a complex network of about 400 companies, many of them outside the state, linked to Dos Santos, Ducolo and their partners.