The International Arbitration Court ruled, on Monday, that Isabel dos Santos' indirect position in the Portuguese oil company belonged exclusively to Sonangol.

In a statement Sonangol, cited by the newspaper Económico, said that the International Arbitration Court "under the auspices of the Netherlands Arbitration Institute, determined, on July 23, a final award in favor of Sonangol following the dispute, initiated in 2019 by Exem Energy BV, a vehicle company without other assets based outside the country, owned by Isabel dos Santos, which sought to legitimize an alleged transfer of shares in Esperaza Holding BV from Sonangol to that company."

Thus, the Court concluded that the "transaction by which Exem Energy BV intended to acquire its stake in Esperaza Holding BV was tainted by illegality, allowing its owners to influence the direct control of the national oil company, to reap extraordinary financial advantages in their favor to the detriment of the former and, consequently, of the Angolan State."

"As a result of the Arbitration Court's decision, Sonangol will be reinstated as sole shareholder (100%) of Esperaza Holdings BV," the Angolan oil company pointed out.

In the missive it is further stated that "the dispute concerned the 40% stake held by Exem allegedly ceded by Sonangol E.P in Esperaza Holdings BV, the vehicle through which the national oil company made a large and successful investment in Galp in 2006.