FSDEA Legal Proceedings Accelerating Value Destruction of the Angolan People’s Investment Portfolio
Quantum Global Seeks a Negotiated Settlement in Contract Dispute
LUANDA, Angola, May 17, 2018 – Quantum Global Group today provided an update on the destruction in value to the investment portfolio managed on behalf of the Fundo Soberano de Angola (FSDEA). The group also reiterated its desire to negotiate a settlement to the contract dispute in a professional manner, something the administration of the FSDEA does not seem to want.
The money invested in more than a dozen businesses across Angola and Sub-Saharan Africa have created hundreds of jobs and generated wealth for communities across the continent. This value is being progressively destroyed due to the FSDEA’s aggressive legal strategy and continued refusal to negotiate in good faith and conclude a settlement to what is essentially a contract dispute.
By continuing to resort to misconceived legal proceedings in Mauritius and the UK, the FSDEA is destroying value in their own investments. The portfolio companies cannot pay salaries, maintain operations, fulfil contract obligations to fund construction of new buildings or pay taxes or legal bills. Specific destructive outcomes include the following:
Ultimately, it is the Angolan people who are being hurt the most as they are the owners of the investment portfolio and the ones who were feeling the benefits of these investments through local employment, which is being impacted by the legal approach of the FSDEA.
Quantum Global will continue to defend its reputation against the unwarranted assaults through legal proceedings in Mauritius and the UK. But at the same time, the group looks forward to resolving this contractual dispute in a professional manner.
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