THE FREEZING of the assets of the former Angolan president’s daughter, Isabella do Santos, will not affect her Namibian assets, for now, says Bank of Namibia governor, Ipumbu Shiimi.
The central bank confirmed this while responding to questions from on Tuesday this week, following international media reports that an Angolan court had issued an order to freeze the bank accounts of Dos Santos on 31 December 2019.
An anti-corruption drive launched by Angola’s current president, João Lourenço, has targeted the former first family’s assets.
The central bank said Dos Santos’ 42,5% share in Bank BIC is safe for now in Namibia.
“It should be kept in mind that Bank BIC Namibia Limited is owned by multiple shareholders and the Bank of Namibia is not aware of any development that could threaten the stability of BIC Namibia at the moment,” Shiimi said.
Shiimi added that the Angolan authorities have not yet reached out to the Bank of Namibia concerning the matter.
“The Bank of Namibia is aware of developments in Angola pertaining to an indirect shareholder in a locally licensed bank, Bank BIC Namibia Limited.
“The Angolan authority has not reached out to the Bank of Namibia in relation to Bank BIC Namibia Limited,” Shiimi said.
When asked what procedures the central bank follows should there be any application to freeze the assets of Bank BIC, Shiimi said: “Currently, it will be highly speculative to comment on such a request, which has not been received.”
The court was acting in a graft investigation looking at alleged irregularities involving state companies, including the oil giant Sonangol, which Dos Santos used to run, and a diamond-marketing firm, Sodiam.
The BIC brand was born in Angola in May 2005. In 2008, BIC expanded its brand to Europe. It also operates in Cape Verde and has an office in South Africa.
Although it was established in Namibia in July 2015, its banking activities only began in May 2016.
Bank BIC Namibia received N$285 million from its shareholders in the financial year ended 31 December 2017, up from N$6,8 million received in 2015 when the bank commenced operations, financial results released by the bank show.
Bank BIC is the biggest bank in Angola with 250 branches. In Namibia, the bank has four branches located in Windhoek, at Walvis Bay, Rundu and Ongwediva.
Questions sent to the bank’s chief executive officer, Lindsay Crawford, went unanswered.
Deputy prime minister and international relations and cooperation minister Netumbo Nandi-Ndaitwah told The Namibian that her office has not received any request from the Angolan authorities.
“Well, I am still on leave. Have not started work yet. But my office has not communicated to me whether we have received any request regarding her assets in Namibia,” Nandi-Ndaitwah said.
Attempts to contact the Angolan embassy proved futile as the telephones went unanswered.
Trade and industry minister Tjekero Tweya was not available to answer questions on whether Dos Santos has any other Namibian assets.
Lourenço’s administration wants to recover more than US$1 billion in state loans that prosecutors have alleged Dos Santos borrowed and failed to repay.
In a telephone interview with The Financial Times, Dos Santos said she had attempted to pay back a €75 million loan to Sonangol in kwanza, the local currency, but the payment had been deliberately blocked. Dos Santos has been widely accused of having made her wealth through her father, José Eduardo dos Santos’ patronage network. Eduardo dos Santos ruled Angola for 38 years.
Soon after Lourenço took over, he reversed his predecessor’s appointment of Isabela dos Santos as head of Sonangol, the state oil company, and also sacked José Filomeno dos Santos, her half-brother, as head of the US$5b sovereign wealth fund.
She has since launched a counter-offensive against what she alleges is a “politically motivated witch-hunt” by Lourenço.
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