Quantum Global group announced today that the seven private equity funds managed by the Company are experiencing significant and growing financial damage as a result of the freezing of the company’s bank accounts and the suspension of its investment licenses by the authorities in Mauritius.
Quantum Global petitioned the Court to oblige the authorities to disclose the underlying reason for freezing the bank accounts and suspending the Company’s licenses. The Company welcomes the fact that the Financial Services Commission and the Financial Investigation Unit have been called before the Court to explain their actions, with a hearing set for Friday, April 20th.
“We look forward to hearing the rationale used to move against us, but it is worth noting that actions taken have already had a significant negative impact on our reputation and the businesses we operate, and these damages are rising every day,” said Jean-Claude Bastos de Morais, Founder and Group Chairman of Quantum Global.
Quantum Global manages seven major private equity funds in Mauritius, with more than a dozen major investments in African infrastructure, health care, timber, agriculture, hotels, mining and structured equity.
“We have been unable to fulfil our basic obligations towards staff, investment partners, creditors, contractors and tax authorities because of the actions taken by the authorities,” Mr Bastos said. “If this situation drags on, it could trigger serious legal and contractual disputes including claims for damages, the suspension of banking relationships and the imposition of penalties.” he added.
Thousands of valued employees across Africa are not able to receive their salaries, including 30 staff in Mauritius.
In addition to the rising costs to the business, Quantum Global’s investment funds are also missing out on new opportunities to follow through on deal negotiations, both in terms of completing new investments and selling interests in existing investments.
“For every extra day that the restriction order and freezing orders are in place, the costs of this disruption rise significantly. We look forward to defending ourselves when the reasons for these actions have been disclosed, and we are confident of a positive outcome once all the facts are known,” Mr Bastos said.
Quantum Global conducts its activities in accordance with approved investment policies and applicable laws in Mauritius and worldwide. The seven investment funds based in Mauritius comply with strict IFRS reporting standards.
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