According to Portugal’s central bank’s governor, Carlos Costa, the country may freeze proceeds from the $200 million sales of Isabel dos Santos’ 42.5% stake in EuroBic. This most likely going to be safeguarding the proceeds of the transaction and not necessarily blocking it. A small investment bank owned and managed by dos Santos and business associate; Fernando Teles have been subject to rigorous scrutiny just after an investigation by the International Consortium of Investigative Journalists found Luanda Leaks. During the investigation, which lasts for several years, it was found out in 2017 that Oil giant Sonangol paid about $38 million to a consorting firm in Dubai owned by one of his associates. Just a few weeks after the investigation, a court in Angola accused dos Santos, her husband, and one of his key partners with money laundering and all their asses seized and bank accounts frozen. She was also charged with forgery, and the Angolan government officially launched a civil action against dos Santos to recover $1 billion she claimed that she was owing the cash-strapped country, however, Dos Santos denies all allegations saying it was framed by the current Angola government.
Due to pressure, Dos Santos has agreed to sell off her share of the EuroBic and a Spanish lender, Abanca agreed to acquire 95% of Eurobic including Dos’ share. Costa had been summoned by the Portuguese lawmakers to explain how the central bank would supervise both EuroBic’s sale and the regulator’s role in handling money laundering procedures at the bank. Costa stated that the sale would be positive for the Portuguese financial system but also need regulatory checks. He further said that the CBN is set to bring the investigation of EuroBic to a close by the end of March.
