The meeting at Unitel SA, whose chairwoman Isabel dos Santos owns 25%, comes after an arbitration court ruled that Brazilian telecommunications company Oi SA was entitled to receive $654 million from other Unitel shareholders because they violated several clauses of the company’s shareholders’ agreement and failed to pay dividends to Oi.
Joao Lourenco, who replaced dos Santos in 2017, has made the battle against graft the cornerstone of his administration, dismantling the influence of his predecessor’s family over key sectors. Sonangol has repeatedly said it wants a new board at Unitel, while Oi has publicly expressed its disapproval with management for withholding millions of dollars in dividend payments. Do Nascimento, who has close ties to the Dos Santos family, is likely to vote in favor of Isabel dos Santos’ removal to win favor with Lourenco, according to Estote.
Fin24
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