Angola's $5 billion sovereign wealth fund has applied to a U.K. court to force banks to disclose information on any accounts held in the fund's name or on its behalf, Reuters reported May 16, citing a source directly familiar with the matter.
The move is part of the Fondo Soberano de Angola's dispute with its former boss José Filomeno dos Santos, the son of former Angolan President José Eduardo dos Santos, and Swiss asset manager Quantum Global, which the fund is accusing of mishandling its money, the news agency said.
Quantum Global earlier denied any wrongdoing and said all of the fund's money is intact and accounted for, adding that the fund has breached its long-term contractual obligations. A U.K. court previously granted the fund a worldwide freezing order on several Quantum Global Group firms.
Meanwhile, Angolan prosecutors accused Filomeno dos Santos of taking part in an attempted fraud of $500 million against Banco Nacional de Angola in a separate case, Reuters added. Filomeno dos Santos reportedly denied any wrongdoing.