Wednesday, March 20, 2019 UTC

AGF Magazine - March 2019 issue

  • We focus on fixed income opportunities in both public and private markets. Read on to find in which fixed income instruments and in which African markets to invest on pp. 10-11. In addition, Ashley Benatar of Ashburton Investments shares his views on benefits and risks of investing in mezzanine debt on p.22.
  • We speak with Jérémie Ceyrac, Head of Equity, Responsible Investments at Proparco to learn more about the French development institution, financial products on offer, recent investments in Africa and African impact investment scene (pp. 13-15).
  • This month’s market feature focuses on Nigeria. Sven Richter, Fund Manager, Drakens Capital, writes about his recent trip to the West African country and his observations. “While Nigeria is attractive as an investment destination, the GDP growth is a disappointment for a county that we expect to be one of the leaders in Africa,” he says (pp. 16-17).
  • Subscribe Download
News > Private Equity > PE Industry News

Quantum Global rebuts accusations in Mauritius press

Staff writer
April 25, 2018, 4:38 p.m.

Word count: 438

Quantum Global has been subjected to a barrage of baseless and damaging allegations in the press in Mauritius while it prepares to contest actions taken by the Financial Intelligence Unit (FIU) in the Mauritius Court.

Receive ONE magazine and TWO locked articles of your choice for FREE when you register an account
Share:

Quantum Global has been subjected to a barrage of baseless and damaging allegations in the press in Mauritius while it prepares to contest actions taken by the Financial Intelligence Unit (FIU) in the Mauritius Court.

The FIU have yet to disclose the grounds for a restriction order that was granted by the Supreme Court on April 7, which caused Quantum Global’s bank accounts to be frozen and licenses suspended.

On Saturday, a Mauritius newspaper published unsourced, baseless allegations of diverting client funds.

“I would like to reiterate that all the money of the Angolan government is accounted for in publicly disclosed accounts that have been independently audited for a number of years,” said Jean-Claude Bastos de Morais, Founder and Group Chairman of Quantum Global. 

“Furthermore, the overall FSDEA portfolio has grown in value and it is this value we are trying to protect by demanding due process and clearing our name.”

In its full year 2016 results announcement, the FSDEA reported a profit of $44m for the year. 

In a results announcement for the third quarter of 2017, the FSDEA reported a profit of $40.5m for the quarter with total assets valued at $5.03bn.

The FSDEA was quoted as saying that the fund’s “strong performance and profitability, registered since 2016, continued during the third quarter of 2017.

The FIU has refused to disclose the basis for the restriction order issued by the Supreme Court on April 7 which froze the company’s accounts and prompted the Financial Services Commission (FSC) to suspend its licenses.

The FIU and FSC have been called before the Mauritius courts to explain their actions and further hearings are scheduled for April 25 and April 30.

Quantum Global had previously announced that it handed back the management of a multi-asset class investment management mandate to the FSDEA when the fund requested it in February. 

The value of these funds had grown under Quantum Global’s management. 

The remaining FSDEA money managed by Quantum Global is locked up in seven private equity funds that are managed for long-term investments in infrastructure, agriculture, hospitality and real estate among other sectors.

Quantum Global has already made clear that the freezing of its bank accounts has caused serious financial harm to the company, jeopardizing the company’s commitments to employees, partners, creditors and contractors. 

Thousands of valued workers across Africa are affected, including 30 staff in Mauritius.

“We are confident all matters will be resolved positively once we receive details about the underlying cause for the restriction order, and we continue to call on Mauritius to uphold the rule of law and due process,” concluded Bastos.

Registration Login
Sign in with social account
or
Lost your Password?
Registration Login
Sign in with social account
or
Registration Login
Registration