Portuguese Bank, EuroBic Cut Ties with Isabel Dos Santos amid Corruption Charges

Angolan billionaire and Africa's richest woman, Isabel Dos Santos has been in the centre of corruption investigations in recent weeks, and it appears things are getting worse for the former first daughter.

The investigations led to the freezing of all her assets by the Angolan government. Also, many prominent partners have cut ties the billionaire.

The latest and perhaps biggest partner yet to end its business relationship with Isabel Dos Santos is the Portuguese Bank, EuroBic.

EuroBic has announced it will end its business relationship with Africa's richest woman, Isabel dos Santos.

You will recall that the move follows an investigation by the BBC and partner organizations which uncovered several questionable deals by the billionaire.

However, Isabel Dos Santos has continued to stand on her claims that the allegations against her are entirely false.

The Angolan billionaire has vast stakes in Angola's state oil company, Sonangol and the country's largest mobile phone provider.

In a statement released by the bank, it said the board of directors had decided to:

"Terminate the commercial relationship with entities controlled by the universe of the shareholder Isabel dos Santos and people closely related to it", adding it would investigate transfers worth tens of millions of dollars made by Ms Dos Santos.

The billionaire daughter of Angola's former President, Jose Eduardo dos Santos, holds a 42.5% stake in EuroBic indirectly via two entities, making her the bank's main shareholder, reports say.

When her father retired as president in 2017, she was sacked as chairwoman of Angola's state oil company two months later.

The leaked documents that came out earlier this week suggest that as she left Sonangol, Ms Dos Santos approved $58m ($44m) worth of payments.

Some of the transfers drained Sonangol's account at EuroBic, the New York Times reports. 

Leaked documents revealed by the BBC and partner organizations appeared to explain how she got access to lucrative deals involving land, diamonds, oil and telecoms while her father was in power. 

The documents seem to show how Africa's richest woman made her fortune, estimated to be about $2bn, allegedly through exploiting her own country, and corruption.

Angola's prosecutor general said he wanted Ms dos Santos to return to Angola to answer the allegations, and promised to use "all possible" means to bring her back.

Who is Isabel dos Santos?

• The eldest daughter of ex-President Jose Eduardo dos Santos

• Married to Congolese art collector and businessman Sindika Dokolo 

• Educated in the UK, where she currently lives

• Reported to be Africa's richest woman, with a fortune of some $2bn 

• Has stakes in oil and mobile phone companies and banks, mostly in Angola and Portugal

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