Under fire investor Jean-Claude Bastos has won a partial victory and regained control over some $3 billion in London. In Switzerland, millions more remain blocked.
The High Court in London has upheld its decision to free more than $3 billion belonging to Quantum Global, a decision first reached in July. Quantum Global on Thursday said the court had dismissed a complaint by the sovereign wealth fund of Angola.
Quantum Global is a finance firm of Swiss-Angolan investor Jean-Claude Bastos, who’s been fighting against allegations of conducting improper business and money laundering.
Investigation in Switzerland
The funds had been blocked in April after a complaint was lodged by the state fund of Angola. Mauritius also froze assets belonging to Bastos and retracted a fund license on grounds of suspected money laundering.
The Swiss attorney general in April launched an investigation against unknown on allegations of money laundering. In May, federal investigators conducted several searches at offices belonging to Bastos’ business, newspapers reported. The Swiss authorities blocked as much as 210 million Swiss francs ($211 million).
Shift of Attention to Switzerland
Bastos once had received a lucrative asset management mandate from the Angola fund. After the change of government in the wealthy African nation the fund turned against Bastos.
Following the decision in London, Quantum Global will concentrate on resolving issues in Mauritius and Switzerland, the company said.
