Quantum Global and Jean-Claude Bastos de Morais Reach Amicable Resolution to all Disputes with the Fundo Soberano de Angola
Mr Bastos Released from Detention and No Charges Were Filed
Mauritian Authorities Remove Freezing Orders and Reinstate Quantum Global Licenses
ZUG, March 22, 2019 – Quantum Global Group (the “Group”) announced today that a settlement agreement has been reached on a confidential basis between the Fundo Soberano de Angola (FSDEA) and Mr Jean-Claude Bastos de Morais (Mr Bastos), the Group’s Chairman and Founder, and the Quantum parties.
Quantum Global also announced that Mr Bastos has been released from detention and that the Angolan authorities have not filed any criminal conduct charges against him.
Following the decision by the Angolan authorities not to file charges, the Mauritian authorities have lifted the freezing order against the bank accounts of Quantum Global and Mr Bastos. Furthermore, the Financial Services Commission has reinstated the Group’s licenses.
The settlement agreement follows success in the courts over the past months in Switzerland and in the United Kingdom, where the English High Court dismissed the Worldwide Freezing Order against Quantum Global and Mr Bastos and authorized that these parties can pursue damages.
As part of the settlement agreement, no further claims will be brought by either party against the other. This settlement covers all claims initiated by the FSDEA in international jurisdictions including Angola, Mauritius, Switzerland and in the United Kingdom. In line with the agreement, Quantum Global and Mr Bastos will also drop their damages claim against the FSDEA in the United Kingdom and will discontinue their commercial claims against the FSDEA in Mauritius.