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Mauritius targets Angolan wealth funds

Publish date: 16 April 2018
Issue Number: 769
Diary: IBA Legalbrief Africa
Category: Forensic

Mauritius has frozen bank accounts and suspended business licences linked to Quantum Global Investment Management, a firm through which Angola's sovereign wealth fund invests much of its cash, according to a court document and a regulatory source. Quantum Global is run by Jean-Claude Bastos de Morais, a business partner of Jose Filomeno dos Santos, the son of Angola’s former President José Eduardo dos Santos. A report on the eNCA site notes that the younger Dos Santos has been charged with fraud against Angola's central bank, involving the transfer of $500m in the UK. The funds were frozen and then returned Angola's central bank. The moves at Quantum Global came after Angolan officials visited Mauritius last week, a regulatory source on Mauritius told Reuters. Following a Mauritius Supreme Court ruling, the island's Financial Services Commission suspended the licences for seven Quantum Global funds and froze 25 of its bank accounts. The Mauritian newspaper Le Mauricien reported on Monday last week that a further 33 bank accounts had been frozen, bringing the total to 58.

Full report on the eNCA site