Angola's Sodiam Exits De Grisogono As President Fights Dos Santos Influence

(IDEX Online) – Angolan state-owned diamond company Sodiam is pulling out of an investment in Geneva-based jewelry maker De Grisogono which is controlled by the former president's son-in-law as part of the efforts of the country’s new leader against the business interests of his predecessor’s family.

Sodiam will divest a stake in Geneva-based jewelry maker De Grisogono for “reasons of public interest and legality,” the company, which markets Angola's diamonds, said after a board meeting on December 1, without giving details of how the transaction would be completed, Bloomberg reported.

The company is controlled by Sindika Dokolo, the husband of Isabel dos Santos, the billionaire daughter of the former Angolan President, Jose Eduardo dos Santos, according to Ana Gomes, a Portuguese member of the European Parliament who has done research on the business interests of Africa’s richest woman.

President Joao Lourenco, elected in August, has been working to reduce the influence of Dos Santos and his family from the diamond and oil-rich country, as reported last week. He removed Isabel dos Santos from her position as chairman of state-owned oil company Sonangol, and last week announced plans to auction a new telecoms license to compete with Unitel SA, which she controls.

Sodiam’s exit from De Grisogono was reported by Swiss newspaper, Tribune de Geneve, which said the company lost money on its investment, the report added. A call to the offices of De Grisogono wasn’t answered.