Quantum Global Demands Fair Hearing in Mauritius as Damage to Investments Gets Worse
EBENE, Mauritius, April 30, 2018 – Quantum Global Group repeated its call for a fair hearing in Mauritius after the Financial Intelligence Unit (FIU) again declined in court to disclose the allegations behind restriction orders against the group.
The FIU has refused to disclose the reasons for the orders, which led to a freeze on the group’s bank accounts and the suspension of its licenses, for three weeks even when large extracts of what appears to be the FIU legal rationale have been reported in the press in Mauritius.
The dilatory tactics of the FIU appear part of a strategy to inflict maximum damage on the investment funds of Quantum Global Group, which is in a contractual dispute with its client, the Fundo Soberano de Angola (FSDEA).
Quantum Global is dismayed that the FSDEA has resorted to legal action in several jurisdictions rather than seeking a negotiated settlement or arbitration in accordance with the contractual agreement. Despite the false allegations being reported in the Mauritius press, all monies of the FSDEA are in place and accounted for.
The banking freeze is causing severe financial damage to the FSDEA’s own portfolio. It has impacted employees, clients, partners and the important investment projects that Quantum Global Group manages across Angola and Africa on behalf of the FSDEA.
This damage has been made worse by the refusal of the Mauritius authorities to release funds required for the continuance of the ordinary course of business, such as the payment of salaries to employees and thousands of African workers indirectly employed by the funds’ portfolio companies.
The group has maintained that the legal proceedings are unwarranted because Quantum Global has followed the investment policies of the FSDEA and the laws and regulations of every jurisdiction where it operates. The FSDEA has overseen Quantum Global’s investments on a quarterly basis since the inception of the funds and the value of the funds has increased under Quantum Global’s management, according to latest valuations.
The group has argued it is in the interest of Angola to apply any new FSDEA strategy in good faith and in accordance with contract law, to maintain the value to the portfolio and secure the jobs already created in Angolan industries including ports, forestry, agriculture and real estate.
Quantum Global looks forward to resolving this situation in a professional manner.
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