Swiss authorities have raided several locations in Switzerland as they ramp up a criminal investigation into suspected money laundering connected to crimes involving Angola’s sovereign wealth fund and its central bank, prosecutors said on Friday.
According to the media, the offices of Jean-Claude Bastos de Morias, the Angolan-Swiss boss of the Zug-based fund Quantum Global, were among the premises searched. The businessman was named in the “Paradise Papers” revelations and until recently managed the Angolan sovereign wealth fund.
Switzerland’s Attorney General opened criminal proceedings in April in response to the reports connected with alleged offences involving assets held by the National Bank of Angola and the Angolan sovereign wealth fund, the prosecutors said in a statement.
The fund, which has taken its fight to British courts, has accused Quantum Global of mismanagement and sought a global freeze on its assets as well as an order for banks to reveal information on any accounts held in its name or on its behalf.
Quantum Global denies wrongdoing and has denounced what it calls “intimidating tactics,” saying the money it has under management is accounted for and the fund has violated its long-term contractual obligations.
Swiss authorities declined to specify the locations searched during their probe, and have not specified which entities are currently under investigation. The attorney general said its raids were coordinated with another authority conducting searches on the same day.
Quantum Global and Turtle Management did not immediately respond to requests for comment.
The Federal Tax Administration declined to comment, citing tax privacy laws.
Switzerland’s financial watchdog said it was currently making inquiries into the matter, but declined to provide further details.
