Ms. Isabel dos Santos, estimated to be worth over $2 billion, claims she is a self-made woman who never benefited from state funds. But a different picture has emerged under media scrutiny in recent years: She took a cut of Angola’s wealth, often through decrees signed by her father. She acquired stakes in the country’s diamond exports, its dominant mobile phone company, two of its banks and its biggest cement maker, and partnered with the state oil giant to buy into Portugal’s largest petroleum company. Now, a trove of more than 700,000 documents obtained by the International Consortium of Investigative Journalists, and shared with The New York Times, shows how a global network of consultants, lawyers, bankers and accountants helped her amass that fortune and park it abroad. Some of the world’s leading professional service firms — including the Boston Consulting Group, McKinsey & Company and PwC — facilitated her efforts to profit from her country’s wealth while lending their legitimacy.
SOURCE: THE NEW YORK TIMES
More Stories
The Marshall Nature Reserve Gives a Different Glimpse of the Sudanese Capital
The Journey of Moving Tanzanians Around
Correcting Kinshasa’s Commodity Crisis
Can African Leaders Rate Themselves?
First Black African to Win Grand Tour Stage
Financing Dangote’s Fertiliser Dream Tougher than Expected
This is a Moment for the Women of Kenya
US Support in Somalia Couldn’t Have Come at a Better Time
A Symbol of Sudan’s Resistance
Families of Trapped Miners in Limbo
Google Translate Announces an Addition of 10 Languages Spoken in Africa
All Four Tourists Reported Missing in the Fish River Canyon have been Accounted For