EBENE, Mauritius, April 20, 2018 – Quantum Global announced today that it welcomed the decision of a Mauritius Court to move forward with due process by holding a fair hearing on the allegations against the company.
The Financial Intelligence Unit, which made the initial application to the Supreme Court to freeze Quantum Global’s bank accounts in Mauritius on April 7, is still refusing to provide any details about the underlying cause for the action. The next hearing is scheduled for Wednesday, April 25th.
The FIU action prompted the Financial Services Commission to suspend the business licenses Quantum Global uses to manage money on behalf of the Angolan sovereign wealth fund.
The banking freeze has already had a seriously damaging impact on Quantum Global’s employees, clients, partners and the important investment projects it manages in Angola and Africa. Thousands of valued workers across Africa are affected, including 30 staff in Mauritius.
“This is not just about bankers and lawyers, thousands of African families are suffering as a result of these unwarranted actions by the Mauritius authorities,” said Jean-Claude Bastos de Morais, Founder and Group Chairman of Quantum Global.
The banking freeze has already had a significant negative impact on Quantum Global’s reputation and businesses, and these damages are rising every day. As long as the freeze is in place, the funds under Quantum Global’s management are missing out on new opportunities to follow through on deal negotiations, both in terms of completing new investments and selling interests in existing investments.
Mr Bastos said the actions taken against Quantum Global were unjustified, because the company has performed its fund management duties successfully on behalf of the Angolan sovereign wealth fund, despite false and damaging allegations made against the firm.
“We have successfully challenged all the false and damaging allegations made against us in some sections the media. Now we read press reports making new false accusations of impropriety, but the truth is that all the money of the Angolan government is accounted for in publicly disclosed accounts that have been independently audited for a number of years,” Mr Bastos said.
“Furthermore, the overall FSDEA portfolio has grown in value and it is this value we are trying to protect by demanding due process and clearing our name,” concluded Bastos.
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.
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