The Angolan president, through nationalization, transferred to the state the shares of Vidatel and Geni in Angolan telecommunications operator Unitel, owned by businesswoman Isabel dos Santos and General Leopoldino Fragoso do Nascimento “Dino”.
In practice, the Angolan state owns Unitel’s total share capital, as each stake corresponded to 25% and the remaining 50% was already owned by the state oil company Sonangol.
The announcement was made through the official page of the Angolan presidency on Facebook, which justifies the presidential decisions with Unitel’s “exceptional public interest” for the state, taking into account on the one hand its strategic position in the sector and the lawsuits against the shareholders. of Vidatel (Isabel dos Santos) and the strict restrictive measures at home and abroad against the beneficial owner of Geni (commonly ‘Dino’).
However, both Isabel dos Santos and General “Dino” had already lost shareholder control over these holdings and received no dividends from Unitel, as the respective shares were acquired by the Attorney General’s Office (PGR) in January of this year.
In the case of Isabel dos Santos, the businesswoman and daughter of former President José Eduardo dos Santos lost control of Vidatel in December 2020, by decision of the Supreme Court of the British Virgin Islands where that company was registered, and is now represented in the meetings. -generally by a bailiff of that jurisdiction
According to the weekly Expansão, General Dino had already dissolved and liquidated his quota before he was seized by the PGR.
The operator has never made it clear who its current shareholders are.
In the decree formalizing the nationalization of Vidatel, João Lourenço mentions that lawsuits are pending against some of the shareholders, making it difficult to enter into commercial relationships and worsening the company’s financial situation.
As for Geni, the decree emphasizes that “the beneficial owner is subject to severe restrictive measures at home and abroad,” and is subject to sanctions by the U.S. Office Foreign Assets Control.)
In both cases “all possibilities for an agreement with the target shareholder had been exhausted” and there was consent of another shareholder, “therefore, appropriation is considered to be the most appropriate, necessary and proportionate means to safeguard the legal situation of the company and in the interest of the state”.
The appropriate actions through the Presidential Diploma are “transferred to the State independently of any formality, free from any encumbrances or charges, which may be enforced against third parties after registration”
They will be administered by the State Asset Management Institute (IGAPE), with the Treasury Department responsible for paying the fees, “when and if due, under the terms of the law”.
Source: DN
