Mauritius has frozen bank accounts and suspended business licenses 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, which said it was cooperating with authorities, is run by Jean-Claude Bastos de Morais, a business partner of Jose Filomeno dos Santos. The son of José Eduardo dos Santos, Angola’s former president, Jose Filomeno dos Santos was until recently the head of the national sovereign wealth fund.
The younger dos Santos has been charged with fraud against Angola’s central bank, involving the transfer of $500 million in the United Kingdom. The funds were frozen and then returned to 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, seen by Reuters on Wednesday, the island’s Financial Services Commission suspended the licenses for seven Quantum Global funds, according to the source, and froze 25 of its bank accounts.
On Monday, the Mauritian newspaper Le Mauricien reported that a further 33 bank accounts had been frozen, bringing the total to 58.
– Reuters, 11 April 2018
Link here to the Reuters article.