The indirect position in Galp, which was shared by Sonangol and Exem, owned by Isabel dos Santos, belonged entirely to the Angolan Oil Company.

In a statement, Sonangol included that the International Court of Arbitration “concluded that the transaction in which Exem Energy BV intended to acquire its stake in Esperaza Holding BV was tainted by illegality, allowing its owners to influence the direct control of the national oil company, in order to reap extraordinary financial advantages in its favor.” At the expense of the Angolan state, and therefore at the expense of the Angolan state.”

Sonangol and Exem hold, through Esperaza, an indirect stake of 45% in Amorim Energia, which in turn controls 33.34% of Galp. In contrast, Exem owns 40% of Exem and Sonangol the remaining 60%. This share by the Angolan shareholders is equivalent to about 15% of the capital of Galp.

“As a result of the arbitration court’s decision, Sonangol will be reinstated as sole shareholder (100%) of Esperaza Holdings BV,” the Angolan oil company says, explaining that the final ruling was made on July 23.

“The lawsuit relates to the 40% stake owned by Exem allegedly transferred by Sonangol EP in Esperaza Holdings BV, the vehicle through which the national oil company, in 2006, made a significant and successful investment in Galp,” the release

According to the Angolan oil company, “40% of the disputed shares in Esperaza Holding BV have a current market value of about $700 million.”