Angolan Billionaire Isabel dos Santos Loses Appeal in Asset Freeze Case

Isabel dos Santos, Africa's first female billionaire, lost an appeal against a worldwide asset freezing order amounting to £580 million. The legal action was initiated by Angolan telecoms operator Unitel. The Court of Appeal in London upheld the initial decision to freeze dos Santos' assets.

Isabel dos Santos, Africa's first female billionaire, lost a significant legal battle on Monday. The Court of Appeal in London upheld a ruling to freeze her assets worth up to £580 million ($778 million).

Dos Santos, whose father Jose Eduardo dos Santos ruled Angola for 38 years until 2017, is embroiled in a lawsuit initiated by Angolan telecoms operator Unitel.

The telecoms giant obtained a worldwide freezing order on dos Santos' assets in December, which has now been confirmed by the higher court.

(With inputs from agencies.)