LUANDA, April 27 (Xinhua) -- Angola Sovereign Wealth Fund (FSDEA) intends to remove the company Quantum Global from the management of its assets, according to a statement released Friday, in Luanda by the Angolan Ministry of Finance.
FSDEA, which until January was headed by Jose Filomeno dos Santos, son of the long-term and former president, Jose Eduardo dos Santos, said in the document that it has "great concerns about how Quantum Global, a Swiss-based company, invests its resources."
Quantum Global, a Group of Companies in areas of Investment Management, Private Equity, Active Management and Research with focus on Africa was contracted by former FSDEA CEO to manage 3 billion U.S. dollars of its 5 billion U.S.dollars assets from the country's oil revenues.
The document added that based on expert inquiries conducted by specialized international consultants, FSDEA is taking appropriate steps to remove Quantum Global from the status of manager of its assets.
On April 22, an Angolan delegation headed by the current CEO of the Angolan Sovereign Fund, Carlos Alberto Lopes, travelled to the Republic of Mauritius for a round of negotiations with the local financial authorities as part of an ongoing investigation into the institution's assets.
Several bank accounts of the Angolan Sovereign Fund were recently frozen in Mauritius on suspicion of misappropriation of funds during the administration period of its former CEO, Filomeno dos Santos.