However, the formal agreement shows that she received 40% of the stakes, and not 45% as she misleads the public to believe.
The deal was signed by Manuel Vicente, then Chairman of the Board and CEO of Sonangol (now Angola’s Vice-President) and on Isabel’s behalf by her legal counsel, Fidel Kiluanje Assis Araújo.
Amorim Energia’s majority owner (with 55%) is Portugal’s richest man, Américo Amorim, who was Isabel’s partner in creating the BIC bank in 2005.
The two are also partners in the company Nova Cimangola, acquired from Cimpor by the Angolan State for $75-million.
Sonangol then “donated” a proportion of that to front companies that lead to Isabel dos Santos, requiring her only to pay up once she had pocketed sufficient dividends from the investment.
So far as Maka Angola has been able to establish, there is no evidence whatsoever that Isabel (or her front companies) ever paid Sonangol the agreed sums.
According to a document obtained by Maka Angola, Isabel dos Santos formally reported in 2013 to the Portuguese Competition Authority (Autoridade da Concorrência) that she is the beneficial owner of the Exem’s shares in Esperaza.
In short, Angola’s state oil giant was using a front company in which Isabel dos Santos is the ultimate beneficial owner to channel public money into overseas investments.
It was a sweet deal because Isabel didn’t have to pluck a single penny out of her own purse.
The money would come out of the Galp dividends paid to Esperaza Holding along with nonconvertible units at the Euribor three-month interest rate.