Angolan oil company Sonangol said it will take control of Isabel dos Santos’s 6% indirect stake in Portuguese oil company Galp Energia SGPS SA, after a court ruled in favor of the state-owned firm in a legal battle against Africa’s once-richest woman.
The International Court of Arbitration, under the auspices of the Netherlands Arbitration Institute, determined on July 23 that the transfer in 2006 of an indirect stake in Galp to a company controlled by Dos Santos from Sonangol was “contaminated by illegality” and should be considered “null and void,” Sonangol said in a statement late Monday.
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July 27, 2021 at 06:26PM
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Angola to Take Control of Galp Stake Held by Isabel Dos Santos - Bloomberg
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