Navigation

Swiss investigating money laundering linked to Angolan funds

The criminal proceedings are linked to assets held by the Angolan National Bank and the Angolan sovereign wealth fund. Keystone

The Office of the Attorney General of Switzerland (OAG) has authorised several searches in the country over possible money-laundering affecting the Angolan Sovereign Wealth Fund and the Angolan National Bank. 

This content was published on May 17, 2018 - 17:37
SDA-ATS/ac

The attorney general has opened criminal proceedings against unknown persons on suspicion of money laundering, his office told financial news agency AWP on Thursday. The statement confirms information published on Wednesday in several Swiss papers. 

The criminal proceedings are linked to possible offences against the assets held by the Angolan National Bank and the Angolan sovereign wealth fund (Fondo Soberano de Angola), the OAG said. 

According to the media, the offices of Jean-Claude Bastos, 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. 

Following the Paradise Papers scandal, former Justice Minister Ruth Metzler left Quantum Global’s board at the end of 2017. She said her decision was based on serious charges of "alleged commercial practices in Angola" levelled against the firm.


This article was automatically imported from our old content management system. If you see any display errors, please let us know: community-feedback@swissinfo.ch

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI swissinfo.ch certified by the Journalism Trust Initiative

Contributions under this article have been turned off. You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.

Share this story

Change your password

Do you really want to delete your profile?