Angolan government and Quantum Global in a row over frozen assets

Quantum Global has accused Angola’s sovereign wealth fund of harassment after it froze more of the Swiss based company’s assets in a widening legal row.

Last year, Swiss newspaper Le Matin Dimanche reported 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. On Friday, FSDEA announced its decision to sack Quantum Global as its asset manager due to concerns about how Quantum’s funds were being invested.

According to the fund, “FSDEA has great concerns about Quantum Global’s approach to investment of the FSDEA funds, as it believes that is not fully aligned with the principles for which the FSDEA was established.”

In response, Quantum Global said, “We continue to be dismayed that FSDEA has resorted to intimidation by launching legal action in multiple jurisdictions rather than seeking a negotiated settlement or arbitration in accordance with the contractual arrangements.”

Quantum Global, which was appointed by Angola’s sovereign wealth fund in 2012, made most of its investments in 2015. The company says it is being harassed because all Angolan funds under its management has been accounted for.

Yesterday, Quantum Global said a British court granted an FSDEA application “for a worldwide freezing order on several Quantum Global Group companies,” though it is yet to receive a served court paper.

The Quantum-Angola saga comes two weeks after Mauritius froze bank accounts and suspended business licences linked to Quantum Global Investments Africa Management.

Mauritius’ decision to freeze 58 bank accounts came after the country’s 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.