January 24, 2020 / 12:43 PM / a month ago

Angola's beleaguered Isabel dos Santos to offload stake in Portugal's Efacec

LISBON, Jan 24 (Reuters) - Portugal’s engineering firm Efacec Power Solutions said on Friday Angolan billionaire and former first daughter Isabel dos Santos, who owns a controlling stake, had decided to withdraw from the company’s shareholding structure.

Angola named dos Santos a formal suspect on Wednesday over alleged mismanagement and misappropriation of funds during her time as chairwoman of state oil company Sonangol, while Portugal’s market watchdog has launched inquiries into various firms where she holds stakes.

Reporting by Sergio Goncalves and Andrei Khalip

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