Angola fund asks UK court for a disclosure order
Angola’s sovereign wealth fund has applied to a UK court to order banks to reveal information, another move in its dispute with its former boss, the son of former leader Jose Eduardo dos Santos, and the asset managers hired under him.
President Joao Lourenco, who took over when Dos Santos stepped down in 2017 after nearly 40 years in power, has swiftly moved to push aside relatives and allies of Dos Santos from positions of power and influence over the economy.
The $5bn sovereign wealth fund has been embroiled in a dispute with its former boss, the former president’s son Jose Filomeno dos Santos, and the Swiss-based asset manager Quantum Global, contracted to invest money for the fund.
The fund is trying to sack the fund manager, accusing it of mismanagement.
Quantum Global denies wrongdoing and says the fund has violated its long-term contractual obligations.
A source directly familiar with the matter told Reuters the sovereign wealth fund had sought a “Norwich Pharmacal order” to oblige banks to share information with the fund, including data about any accounts held in its name or on its behalf. Such orders can be used in British courts to force third parties to reveal information. A hearing was held earlier in May at the Rolls Building, a tribunal in London that deals with international disputes, a separate source said.
Lourenco has vowed to fight graft after taking power in September 2017 and has moved against the family of the previous president, firing Dos Santos’s daughter Isabel dos Santos from her post as head of the state oil firm Sonangol and removing Jose Filomeno from the sovereign wealth fund.
In another case, Jose Filomeno has been accused by Angolan prosecutors of participating in an attempted fraud of $500m against the central bank. He denies guilt.
The sovereign wealth fund has been granted a global freezing order by a UK court covering funds held under its name or by contracted parties.
Quantum Global, which is led by Jean-Claude Bastos de Morais, a long-term business partner of Jose Filomeno, has denounced what it calls “intimidating tactics”, saying the money it has under management is accounted for and “has increased under Quantum Global’s management”.
Quantum Global has confirmed the sovereign wealth fund had started legal proceedings against it in the UK High Court and that a freezing order had been granted.
On Wednesday, Quantum Global did not immediately provide any additional comment. The sovereign wealth fund did not immediately respond to a request for comment.