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Article

27 Jan 2020

Author:
Larry Elliot, Graeme Wearden & Juliette Garside, The Guardian

PwC's chairman says firm conducting internal investigation over links to Isabel dos Santos

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"Heads could roll at PwC over Isabel dos Santos links, says chairman", 21 January 2020

The global chairman of PwC has warned that heads could roll at the professional services firm over its links to Isabel dos Santos, Africa’s richest woman, who is battling allegations that she obtained her wealth through corruption and nepotism. Bob Moritz, whose firm advised companies belonging to Dos Santos and her husband across multiple jurisdictions, told the Guardian he was “shocked and disappointed” by recent disclosures about the...firm’s work for [dos Santos].

Dos Santos has denied [the allegations]...saying their wealth is the result of decades of hard work, and that moves to freeze their assets in Angola are part of a politically motivated “witch-hunt” by her father’s successor as president...

On Monday, a Portuguese bank part-owned by Dos Santos announced that she and her associates had been banned as customers. After being shut out by some of the world’s biggest banks, Dos Santos had been relying increasingly on Eurobic, in which she holds a 42.5% stake, to move money. Eurobic  issued a statement distancing itself from its main shareholder,...citing the...“public perception that this bank may not entirely fulfil its obligations”. Eurobic said its board had decided to “terminate the commercial relationship with entities controlled by [Dos Santos] and people closely related [to her]”.