The revelations of PwC links the company with Isabel Dos Santos. She is under investigation for corruption. After that, the top PwC executive has left the firm. PwC declines to make any comments on the departure. The firm says that it started its investigation. Isabel Dos Santos is the richest woman in Africa. She is saying that the allegations are part of the political witch-hunt.
The BBC reported how PWC helped Mrs. Dos Santos with tax advice, consultancy, and auditing for her companies. Mrs. Dos Santos’s father was president of Angola. At those times, she had a lucrative deal involving telecoms, diamonds, oil, and lands. The southern African country is rich with natural resources.
About the billionaire’s business empire, more than 700,000 documents leaked. The BBC Panorama showed how she and her husband were allowed to buy valuable states assets in a series of deals.
The ex-president’s daughter made the UK her home country and owns expensive properties in central London.
Mrs. Dos Santos is under investigation by the authorities in charge of Angola, Cape Verde, and Portugal before leaving the firm.
PwC in Cape Verde, Angola, and Portugal have 1,500 staff and 42 partners, with four partners in Luanda, 12 in Oporto, and 26 in Lisbon.
The auditing firm held a conversation with the BBC. They said that there were some severe and concerning allegations raised. After that, they immediately initiated an investigation. They work thoroughly to evaluate the facts and conclude their inquiry.
Moreover, they said that they took action to terminate any ongoing work with the entities controlled by the members of the dos Santos family.
Allegations for Dos Santos
The firm also said that they would be working with their member firms to ensure the adherence to the policies they have in place. Mainly they will work on systems orientated towards taking on and maintaining all client relationships. They will examine their procedures for any necessary improvements.
At that time from the Sonangol, more than $57 million were transferred to the Dubai company’s bank account, owned by her friend. Mrs. Dos Santos claims that the money was for fees to pay to consultants and accountants. Citing client confidentiality, the companies declined to provide billing details. On November 15, 2017, Angola’s new president at that time and her father’s successor announced that she was fired from Sonangol. After that, $38 million were transferred.
Those transfers drained Sonangol’s account at EuroBic. As already said, the European arm of an Angolan bank is EuroBic, where Mrs. Dos Santos owns nearly 43 percent stake. On Monday, EuroBic’s statement noted that it withdraws commercial ties with Mrs. Dos Santos and her associates. Moreover, EuroBic examines the November 2017 transfers and directly report its findings to the central bank of Portugal.
Investigations are underway. Moreover, in Angola, there is a terrible economical situation. There is a high infant death rate. Most of the people live under minimum wage sustaining themselves. Let’s see how the investigation ends. The Angolan Government is doing everything to make her go to Angola. People from Angola what to see the ends of the investigation.