The English Court of Appeal denied a request for permission to appeal by the Angolan sovereign wealth fund to reinstate a $560 million worldwide freezing order against Quantum Global, the fund manager, and its chairman Jean-Claude Bastos de Morais.
The Court of Appeal further ordered costs against the Fundo Soberano de Angola (FSDEA) in relation to its request.
The Court of Appeal’s decision essentially means that most of the FSDEA’s underlying claim has failed in the UK.
During the original hearing last month, Quantum Global presented evidence in court showing that it had managed the FSDEA funds under valid contracts with rigorous and transparent reporting, that its fees were in line with industry standards, that the mandate was won after a proper selection process and that any conflicts of interest were properly declared.
Quantum Global is still challenging similar court injunctions in Mauritius, which have prevented the company from managing its investments in Africa and paying its staff for five months. Unlike the UK case where Quantum Global successfully challenged the misleading claims made against it, the Mauritius authorities have refused officially to disclose the reason for the injunctions despite repeated calls for a fair hearing according to due process of law.
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