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Arbitration Court expels Isabel dos Santos from Galle - Africa

Arbitration Court confirms Isabel dos Santos disqualification from Galle-Energia

It’s official. With Negócios already advanced, Angolan businesswoman Isabel dos Santos ordered the return of Galp shares to the Angolan oil company Sonangol.

The decision was announced on Friday by the Netherlands Arbitration Institute, which is part of the International Court of Arbitration, News to TSF. Quoting AFP, he said the deal made by Isabel dos Santos to acquire a stake in the Portuguese company is “null and void” and the shares must be returned to Angolan Sonangol.

In other words, Sonangol has been declared the sole owner of the investment in Galp.

On July 26, it was I’ve already secured Sonangol in a It stated that this court “concluded that the transaction by which Exem Energy BV intends to acquire its stake in Esperaza Holding BV was tainted by illegality, which allowed the owners to influence the direct control of the national oil company, to reap extraordinary financial advantages at its expense. .from the first country, Thus, for the state of Angola.”

The next day, the Angolan businesswoman announced that she would do so Appealing the arbitration award who attributes the location in Galp to Sonangol.

For Exem, “During all these years, Sonangol has never doubted the validity of the contract for the sale of share and shares to Exem and has always stated in its (audited) reports and accounts that it owns only 60% of Esperanza Holdings BV, after receiving dividends accrued within the scope of the same investment. In other words, for more than 15 years, at any time — until action was taken by Exem — Sonangol questioned the contract for the sale of the share from Esperanza to Exem,” he claims.

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

According to the Angolan oil company, “40% of the disputed shares in Esperanza Holding BV have a current market value of about $700 million” (nearly €590 million).

(News updated at 11:27 am)