The Angolan sovereign fund, Fundo Soberano de Angola (FSDEA) has recovered $3.35 billion in assets from Switzerland-based Quantum Global Investment Management following a confidential settlement agreement.
All charges against Quantum CEO Jean-Claude Bastos de Morais and Jose Filomeno dos Santos the ex-head of Angola’s sovereign wealth fund were dropped and the duo was released from prison on Sunday, March 24.
Angola’s former first son Jose Filomeno dos Santos nicknamed Zenu was appointed as head of FSDEA in 2013 by his father, who was president at the time, he was dismissed by Angola’s new President Joao Lourenco after being accused of attempting to steal $ 1.5 billion.
Bastos de Morais a close associate of Jose Filomeno dos Santos was appointed to manage Angola’s sovereign wealth fund in 2012, the duo was later accused of attempting to illegally transfer $ 500 million from FSDEA to an HSBC Holdings account in the UK.
Angolan prosecutors announced on Friday that they had recovered “all the financial and non-financial assets of the Angolan Sovereign Fund, which was under the control of Quantum Global”, or $2.35bn domiciled in British and Mauritian banks and another $1.0bn in assets.
