Mauritius has frozen 58 bank accounts and suspended business licenses that have been linked to Quantum Global Investment Management, a firm through which Angola’s sovereign wealth fund invests much of its cash, according to reports by Reuters.
On Wednesday, after a Mauritius Supreme Court ruling, the East African country’s Financial Service Commission suspended the licenses for seven Quantum Global funds and froze 25 of its bank accounts. initially the commission had frozen 33 bank accounts which rounded the number to 58.
Last year, a Swiss newspaper Le Matin Dimanche reported Nov. 5 that about $3 billion of Angola’s wealth fund, known by the acronym FSDEA, were invested in seven investment funds in Mauritius managed by a unit of Quantum.
The decision to freeze these accounts came after the Financial Service Commission stood at risk of a reputational crises that has trailed the some of the children of the former Angolan President, José Eduardo dos Santos. The younger son, Jose Filomeno dos Santos is a business partner to Jean-Claude Bastos de Morais, founder and CEO of Quantum Global.
Jose has been charged with a $500 million fraud against Angola’s central bank. The assets withheld are worth between 5 billion rupees ($147.9 million) and 7 billion rupees.
In an emailed statement, Qantum Global said, “We look forward to having an opportunity to provide the authorities with the necessary assurances to continue to conduct our investment activities as we have not been involved in the recent review process.”
The suspended closed-end funds in Mauritius are: QG Africa Agriculture L.P., QG Africa Healthcare L.P., QG Africa Mezzanine L.P., QG African Infrastructure 1 L.P., QG Africa Timber L.P., QG Africa Hotel L.P. and QG Africa Mining L.P.