Governo angolano adjudica construção da Refinaria de Cabinda a empresa United Shine Limited que ficará com 90% do projeto , e uma subsidiária da Sonangol ficará com os restantes 10% . Observador https://t.co/LWbSYEjy4i
— Isabel Dos Santos (@isabelaangola) May 1, 2019
Isabel Dos Santos, Africa’s richest woman recently lost her powerful role in Unitel. Even though she is expected to remain within its management, Isabel is not expected to have any visible roles.
Unitel is the leading telecommunications operator in Angola. Until recently, Isabel Dos Santos served in its management, where she had a say in its day-to-day operations. The entrepreneur, who has in the past being described as savvy and tactful in all her dealings is expected to continue serving in her management capacity, but without any issues.
According to a source familiar with the company operations, Isabel served as the chairman of the board of directors at the Telco. However, her term recently came to an end, which occasioned her exit from this powerful position.
A statement released after a recent shareholder’s meetings praised her performance and technical qualities while at the helm of the company. It goes on to state that the appointment to this board was based on good faith principles, and was aimed at furthering the company’s interests.
See more on Wikipedia.
The Incoming Board
Despite the numerous statements released by the company as well as the board of directors, one thing is clear: Isabel Dos Santos will no longer be the company’s director. She is instead expected to take up her new role as an administrator.
Unitel has gone ahead and appointed a new director general to handle its operations. It is expected that Miguel Geraldes will take up the new position on May 6, 2019. Miguel formerly worked with Huawei in South Africa.
Many have noted that the new proposal forwarded by Sonangol in partnership with PT Ventures has come at a very interesting moment. This is because Isabel is expected to face legal proceedings for allegedly mismanaging the company’s finances. It is the main reason why she was pushed out of her seat.
What is interesting is that despite being replaced, a Parisian court has ruled that other company shareholders will also need to part with as much as 600 million euros as compensation money. As for Isabel Dos Santos, she no longer has the mandate to speak on behalf of the company or determine the direction that it should take going forward.