Angolan State spends over USD 10 million to recover assets

FSDEA.jpgThe Angolan State has spent over USD 10 million to pay lawyers for the recovery of over USD 3 billion belonging to the Sovereign Fund of Angola (FSDEA), which was being managed by the Quantum Global firm.

According to the national director of the Attorney General Department for Recovery of Assets, Eduarda Rodrigues, the country had to negotiate with Jean Claude de Morais, the owner of Quantum Global, to avoid more expenses with the judicial process.

The negotiations were between the FSDA and Jean Claude de Morais, who left the country last Friday after he handed over the assets to the Angolan State and had the criminal charges against him dropped by the Attorney General Department (PGR).

The PGR official, who was speaking in a TV interview to Angola Public Television (TPA), said it was worthless to continue pursuing the recovery of the assets in courts, taking into account that the country would have spent more than the USD 3 billion that was in possession of Quantum Global.

In line with that, instead of continuing with lawsuit, which could be dragged for many years with no goal achieved at all, the PGR promoted a negotiation between the parties involved in the conflict.

Quantum Global had been hired in 2013 to manage the assets of the Angolan Sovereign Fund by the then CEO ,José Filomeno dos Santos.

In January 2018, José Filomeno dos Santos was sacked from the post of CEO of the FSDEA. In April 2018 the newly appointed board of directors terminated the contract it had with Quantum Global, due to lack of transparency in the management of the assets.

Since the sacking of the FSDEA CEO the Angolan authorities requested for the Quantum Global’s assets in Mauritius, Switzerland and England to be frozen, which actually happened, however it triggered a judicial battle between the two parties.

In the meantime, in September 2018 the PGR indicted and kept Jean-Claude Bastos de Morais and José Filomeno dos Santos under police custody accused of criminal association, influence peddling, fraud and money laundering.

However, Eduarda Rodrigues, underlined that the release of Jean Claude de Morais was due to the weakening of the initially existing evidences, following investigations conducted by the PGR.

According to Eduarda Rodrigues, Jean Claude de Morais had legal right to manage the assets of the Angolan Sovereign Fund as a result of the contract between Quantum Global and the FSDA signed under British law, despite the fact that it is extremely harmful for the Angolan State.a

Following negotiations involving the Angolan Sovereign Fund and Jean Claude Bastos de Morais the PGR recovered assets of the Sovereign Fund of Angola worth USD 3 billion, which were under the management of Quantum Global, in the ambit of the contract signed with the Angolan state, represented by the Sovereign Fund, then chaired by José Filomeno dos Santos.