Sonangol Wins 15% Stake In European Giant Galp Energy

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An arbitrary hearing has favored the Angolan national oil company Sonangol as the sole owner of Esperaza holdings, which owns 15% of Portugal´s Galp Energia. Sonangol announced victory from the international arbitrary court hearing decision on July 23rd, 2021, which determined that the Angolan national oil company is now the sole owner of Esperaza holdings, against Exem Energy, a company owned by its former CEO Isabel dos Santos.

Earlier this week, a Dutch court ruled that Sonangol is the legitimate owner of Esperaza Holding after concluding that it was created with funds from Angola´s national oil company, Sonangol. Before the hearing, Sonangol owned 60% of Esperaza while 40% was owned by Exem Energy, a Dutch holding company owned by Isabel dos Santos through deceased husband, Sindika Dokolo.

According to Sonangol, Exem Energy’s approach to acquire a stake in Esperaza holding did not meet the appropriate internal compliance requirements. Consequently, the company owners benefited from excessive financial advantages leveraging on its influence on Sonangol´s board of directors at the time.

This court ruling highlights Sonangol´s ethics and best practices in operating with integrity and compliance from offshore operations to the board of directors. Its 15% stake at Galp Energy today is valued at USD 700 million.

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Zenildo dos Santos

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