EBENE, Mauritius, April 12 – Quantum Global announced today that it has formally requested that the Financial Services Commission (FSC) of Mauritius provide a full explanation for its decision to suspend the company’s licenses last week and allow the company to receive a fair hearing.
The FSC said it suspended the licenses on April 8 on the basis of a restriction order issued by the Supreme Court of Mauritius and gave Quantum Global seven days to make a written representation. But the regulator has not provided any details about the underlying cause for the restriction order or the license suspension.
“It is hard to defend ourselves against actions by the authorities when the rationale has not been made clear despite our repeated attempts to receive this information,” said Jean-Claude Bastos de Morais, Founder and Group Chairman of Quantum Global.
“As a result of the absence of due process and the rush to sanction us, Quantum Global has seen its business seriously damaged. This has a real impact on our employees, our clients, our partners and the important investment projects we are managing across Angola and Africa. That is wrong and against the basic principles of natural justice. We urgently need to have a fair hearing so we can clear our name and continue conducting our investment activities for the benefit of our clients and positive development of Africa,” he added.
“As a significant investor in Mauritius, Quantum Global expects the FSC to follow due process and give Quantum Global an opportunity to defend itself. It also would expect the FSC to be supportive of any significant investor wishing to transparently address its case and prove that it has not committed any wrongdoing.”
Quantum Global is an investment manager and conducts its activities in accordance with the approved investment policies and applicable laws in Mauritius and worldwide. The seven investment funds based in Mauritius comply with strict IFRS reporting standards.
Quantum Global is also fighting false media allegations that the company was implicated in an investigation by Angolan authorities into a suspect $500 million bank transfer. These false allegations persist despite an official statement published on Quantum Global’s website on 4th April that neither Quantum Global nor Mr Bastos were party to the reported transaction or had any involvement in it.
Mr Bastos said: “I vehemently deny any such allegation and can unequivocally confirm that neither Quantum Global nor I were party to the reported transaction or had any involvement in it.”
“We urge the FSC to respect due process and note that any additional steps taken without due process being followed would cause further significant damage to us.”
“We remain confident and resolute in our ability to defend ourselves vigorously and we plan to do so when we fully understand the specific reasons for the actions taken against us,” Mr Bastos concluded.
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