The Group Continues to Pursue Negotiated Settlement to Dispute
LONDON, June 15, 2018 – Lawyers acting for Quantum Global Group submitted witness statements arguing that the English High Court case by The Fundo Soberano de Angola (FSDEA) should never have been brought before the Court and should be set aside.
The Fundo Soberano de Angola (FSDEA) continues seeking legal relief in their dispute with Quantum Global Group, according to witness statements submitted to the English High Court by law firms Quinn Emanuel and Grosvenor Law.
In the statements filed by the law firms it stated that “The FSDEA failed to mention to the court that the group provided full disclosure, visibility and transparency in its management of their limited partnership agreements based in Mauritius, which are subject to a contractual dispute.’
The FSDEA’s legal case against Quantum Global, which triggered the worldwide freezing order on the group on April 27, includes complaints that show a fundamental lack of understanding of the relevant laws, how assets were professionally managed and the terms of its own contracts, the witness statements said.
The reason why the FSDEA turned to the English courts was clearly to try to get out of the contractual commitments made by the previous FSDEA administration, which was removed in January by the new Angolan administration.
The legal proceedings have put the assets managed by Quantum Global into an uncertain position, with the risk that the FSDEA’s own assets, and ultimately those of the Angolan people, may suffer long-term damage or loss.
This value destruction is already being seen. Angolan employees are losing their jobs and important social and economic projects have been stalled as a result of the FSDEA’s misguided legal claims. The sooner that the FSDEA resolves this issue, the better for the Angolan people. Quantum Global therefore looks forward to reaching a fair settlement of the dispute with FSDEA that preserves the value of these investments for the benefit of the Angolan people.
Quantum Global stated that it was not the first time in recent months that false allegations have been made against the group and its chairman and founder.
Unfounded media reports have linked Quantum Global to the reported $500 million transaction that is subject to an investigation by the Angolan authorities. Quantum Global has repeatedly stated that neither the group nor its founder had any previous knowledge of this transaction before it was reported in the press, which is a fact the FSDEA’s own lawyers have confirmed in their court submission stating that there was no involvement.
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