The International Consortium of Investigative Journalists (ICIJ) has uncovered evidence suggesting Angola's former energy minister, Isabel dos Santos, diverted hundreds of millions in public funds through offshore accounts, according to a document trove analyzed by the group.
The investigation, titled "Luanda Leaks," focuses on the 46-year-old businesswoman, daughter of former Angolan president Jose Eduardo dos Santos, who was removed from her role at state oil company Sonangol in 2017. The ICIJ's analysis of 715,000 files indicates Western financial institutions facilitated asset concealment from tax authorities.
Angolan prosecutors froze dos Santos' bank accounts and assets in late 2020, which she termed a "groundless political vendetta." The ICIJ report highlights 2015 documents detailing offshore schemes for Sonangol, including a complex plan from Boston Consulting Group. Firms like PwC and Boston Consulting Group are accused of "ignoring red flags" in their work with dos Santos.
dos Santos denied the allegations, calling the investigation a "witch hunt" aimed at discrediting her and her father. She criticized Portuguese media for racial bias, comparing coverage to colonial-era prejudices. Her lawyer described the findings as a "highly coordinated attack" by Angola's current government.
The ICIJ report emphasizes the role of "professional services firms" in enabling wealth concealment, citing redacted correspondence and a 99-page KPMG presentation. Forbes estimated dos Santos' net worth at $2.2 billion in 2019, with her announcing plans to run for president in 2022 despite ongoing legal challenges.
