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Angola sovereign wealth fund takes battle to UK court -source

PUBLISHED: Wed, 16 May 2018 16:57:30 GMT

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LUANDA, May 16 (Reuters) – Angola’s sovereign wealth fund has applied to a UK court to order banks to reveal information, another move in its dispute with its former boss, the son of long-serving ex-leader Jose Eduardo dos Santos, and the asset managers hired under him.

President Joao Lourenco, who took over when dos Santos stepped down last year after nearly 40 years in power, has swiftly moved to push aside relatives and allies of dos Santos from positions of power and influence over the economy.

READ: This is what Angola is telling investors to get them to invest in its Eurobonds

The $5 billion sovereign wealth fund has been embroiled in a dispute with its former boss, the ex-president’s son Jose Filomeno dos Santos, and the Swiss-based asset manager contracted to invest money for the fund, Quantum Global.

READ:In search of an ‘economic miracle’ Angola taps into the IMF

The fund is trying to sack the fund manager, accusing it of mismanagement. Quantum Global denies wrongdoing and says the fund has violated its long-term contractual obligations.

A source directly familiar with the matter told Reuters the sovereign wealth fund had sought a so-called “Norwich Pharmacal order” to oblige banks to share information with the fund, including data about any accounts held in its name or on its behalf.

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Such orders, named for a legal case from the 1970s, can be used in British court to force third parties to reveal information.

A hearing was held earlier this month at the Rolls Building, a tribunal in London which deals with international disputes, a separate source said.