Angola: Paris court rules in favour of Sonangol against Isabel dos Santos

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Angola: Paris court rules in favour of Sonangol against Isabel dos Santos

1:41 CAT | 31 Jan 2021

File photo: Lusa

The Paris Court of Appeal has ruled in favour of PT Ventures (Sonangol), in the context of the annulment proceedings brought by Vidatel and Angolan businesswoman, Isabel dos Santos, who will have to pay $339.4 million.

In a statement, Sonangol said that in the context of the dispute between the shareholders of Unitel, the Paris Court of Appeal on Tuesday ruled in favour of PT Ventures SGPS (PTV), a company wholly owned by the Angolan oil company, the final decision in the annulment proceedings brought by Vidatel Limited, an entity owned by engineer Isabel dos Santos.

Sonangol said that on 20 February 2019 the International Chamber of Commerce (ICC) had decided in favour of PTV, an indemnity of $339,400,000 (around €279.2 million, at the current exchange rate) relating to the decrease in the value of PTV shares in Unitel.

Vidatel’s application for annulment of that decision was rejected by order of the court in Paris and the decision of the arbitral tribunal was reiterated, and Vidatel was ordered to pay €300,000 as compensation to PTV and the legal costs of the proceedings, the Angolan oil company said.

“This decision by the Paris Court of Appeal confirms the legitimacy of the PTV to enforce the arbitration award of $339,400,000 against Vidatel,” said Sonangol.

Source: Lusa