Ver Angola


Angolan government announces it has won the arbitration proceeding against Atlantic Ventures

The government of Luanda informed Monday that the Arbitration Court of Paris decided not to uphold the case opened against the Angolan State by the company Atlantic Ventures, linked to the businesswoman Isabel dos Santos, who challenged the revocation of the Port of Dande concession to that company.


In a note sent this Monday to Lusa, the Angolan Presidency said that last Friday's decision was taken "unanimously and does not admit recourse to any other body".

According to the Angolan authorities, three arbitrators decided to give reason to the Angolan State in the process, so, he notes, in practice Atlantic Ventures finds itself "effectively removed from the enjoyment" of the extension of land designed for the construction of the Port of Barra do Dande, Bengo province.

The Angolan government also states that the arbitrators did not grant Atlantic Ventures the constitution of a free zone, in a perimeter from the mouth of the river Dande to the area near Capolo, in Luanda.

João Lourenço's Presidency claims that, in addition to dismissing the company's claims and agreeing with the Angolan State, the final decision condemned Atlantic Ventures to pay the Angolan State the amount of 132.8 million kwanzas in compensation for the costs of the arbitration.

The concession of the Port of Dande and the constitution, in a contiguous area, of a free zone were contained in a presidential decree signed on 20 September 2017 by the former Angolan President, José Eduardo dos Santos, which involved a company - Atlantic Ventures - with the participation of his daughter Isabel dos Santos, six days before João Lourenço took office.

In the action filed by Atlantic Ventures against the Angolan State, the arbitration court was asked to declare, among others, the nullity of the presidential decree with which the Angolan President, João Lourenço, revoked, in 2018, the diploma that made the concession official.

Atlantic Ventures also demanded the payment by the Angolan State of an indemnity of 850 million dollars.

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