Angolan President action against Isabel dos Santos’ Company

It seems like the conflict between Isabel dos Santos and the President of Angola is unlikely to end anytime soon considering their new contention in regard to the Marginal da Corimba project whereby her company’s contract has been nullified. On the 15th of May, President Joao Lourenco withdrew the contract the government had entered with Urbimveste to be part of the companies that are carrying out the Marginal da Corimba project. This was the President’s decision and he alleged that that the company has been overcharging the government for the time it has been part of Marginal da Corimba.

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Isabel dos Santos has not taken this matter lightly because as a businesswoman, such allegations can ruin her name and that of her company. She expressed her disappoint for the unfounded accusations by the President through her Instagram platform. In her post, she emphasized on the value of a good name and a good reputation and that she had the right to both. She said that the allegations were untrue and threatened to give her business a bad name. As a person who owns many businesses, she said she makes sure that all her employees are carrying out their responsibilities appropriately and the operations are going on as they should be.

This marks the second time that the Angolan President has made decisions that affect Isabel dos Santos. The first time was introducing measures that affected her father’s family. Her father is Jose Eduardo dos Santos, the former President of Angola. The president justified his latest action that Urbinveste was overbilling the project’s values. The company gave their statement denying it had ever engaged in duping the government during the time it was part of the project.

Isabel dos Santos is a billionaire who has amassed her wealth through businesses and investments in various sectors within Angola and even abroad. She is well experienced on matters of entrepreneurship and economic development from running successful businesses and working in large companies. She is using her influence to promote economic development in undeveloped countries such as Angola. She has also talked about economic empowerment in several economic forums she has been part of.

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