Angola Gem Firm Distances Itself From Former President's Family

(Bloomberg) -- An Angolan state-owned diamond company is pulling out of an investment in a Swiss firm controlled by the husband of the billionaire daughter of the former president, as the country’s new leader untangles it from 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,” it said in a statement after a board meeting on Dec. 1, without giving details of how the transaction would be completed.

The company is controlled by Sindika Dokolo, the husband of Isabel dos Santos, the eldest daughter of 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.

The move comes as President Joao Lourenco seeks to distance the oil-rich country from the influence of Dos Santos and his family. He’s fired Isabel 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. Lourenco, known as J-Lo in Angola, replaced dos Santos, who has nevertheless remained head of the ruling MPLA party.

Tribune de Geneve reported earlier Tuesday about Sodiam’s exit from De Grisogono. The company lost money on the investment, it said. A call to the offices of De Grisogono wasn’t answered.

Sodiam is a former unit of Endiama, another state-owned diamond company in Africa’s biggest producer of the precious gems.

©2017 Bloomberg L.P.

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