Angola has recovered $3.35 billion in assets that were managed by Switzerland-based Quantum Global Wealth Management AG following corruption and conflict of interest allegations at the country's wealth fund, Bloomberg News reported March 23.
Angola's sovereign wealth fund Fundo Soberano de Angola told the newswire that the recovered assets include approximately $2.35 billion of financial assets in banks in the U.K. and Mauritius and $1 billion in real estate stocks. The fund added that Quantum CEO Jean-Claude Bastos de Morais has been released from prison and the charges against him have been dropped.
The Southern African state is seeking to recover assets of as much as $5 billion that have allegedly been misappropriated before President Joao Lourenco came into power, according to the report. Jose Filomeno dos Santos, the fund's former head and son of former President Jose Eduardo Dos Santos, allegedly appointed Quantum to invest and manage the assets despite the company's inexperience and possible conflicts of interest.
Quantum previously said the assets were intact and properly accounted for. The suit made it to the U.K. but in August 2018, London's High Court lifted a freeze order against the asset manager, citing "breaches of the duty of disclosure" in the original application.