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Friday, 12 July 2013

FACTS ABOUT AFRICA'S RICHEST WOMAN

Forbes has announced that Isabel Dos Santos is Africa’s richest woman and the first to be worth more than a billion dollars. But her riches appear to have little to do with hard work or doing smart business. Here are facts about Isabel and her suspicious wealth...

She’s The Daughter of Angola’s President
Dos Santos, age 40, is the oldest daughter of Angolan President José Eduardo dos Santos, a noted autocrat and perhaps even a despot, who has been in power since 1979.

Her Early Business Ventures Failed
Santos started her first business at age 26, a Luanda-based restaurant called Miami Beach. It was a failure and badly managed. She followed with a garbage collection business, which also failed despite ‘winning’ contracts that were arranged by her father. Critics say there is a long list of similar failures and Dos Santos has proven more successful at owning stock and sitting on the boards of businesses arranged through her political connection.

The Sources Of Her Wealth
Being crowned Africa’s richest woman is a remarkable achievement. Dos Santos did so through investments in numerous Angolan and Portuguese businesses. Forbes reports that she owns significant shares in a Portuguese media conglomerate and at least one bank. She also has similar respective stakes in an Angolan bank and telecoms firm. But how she acquired these is not so clear.

The Questions About Her Wealth
Dos Santos may be rich, but she is far from a self-made billionaire. According to activists, much of Dos Santos’ wealth come from deals arranged by her father and transferred to her.

The Defence Of Her Wealth
Africa’s richest woman has kept a remarkably low profile throughout her career. Even Forbes could not reach the business woman to talk about her massive fortune. But her spokesperson has denied stories about the shady origins of Dos Santos’ wealth, saying it is mere speculation.

With the facts on ground, what do you think of her massive wealth?  

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