Billionaire Financial Crimes Africa: Who Is Jean Claude Bastos De Morais?

Incriminated former close associate of Jose Filomeno Dos Santos (Son of Former President of Angola, Jose Eduardo Dos Santos), Swiss-Angolan Jean Claude Bastos De Morais, according to the website of his company, Quantum Group, a company based strategically in Mauritius and not Angola, is:

An African investor, entrepreneur and innovation influencer with a deep interest in African socio-economic development. Also the Founder of the African Innovation Foundation, a not-for-profit organisation which sponsors numerous initiatives aimed at encouraging, developing and rewarding business innovation across Africa, he is an advisory board member of the Official Monetary and Financial Institutions Forum (OMFIF) and the University of Cape Town Graduate School of Business. Jean-Claude holds a Master of Arts in Management from the University of Fribourg in Switzerland.

In 2018, Jean Claude Bastos De Morais was incriminated by current president of Angola, Joao Lourenco, of multiple counts of financial crimes against the country. Despite an economic recession in Angola, the country became one of the world’s most corrupt during Dos Santos’s tenure as president; and De Morais was one of the beneficiaries of the corruption loot. He is said to have been paid over $90 million from Angola’s national treasure within the span of 2 years.

It started with the $5 Billion Fundo Soberano De Angola (FSDEA) that was handed over to Filomeno Dos Santos to manage. Filomeno hired Jean Claude Bastos as the asset manager of the fund. Bastos was the only asset manager secured to manage over 85-100% of the entire massive fund. Normally, such funds should have several asset managers to hedge against risks. It was also discovered that $44 million of the $90 million went directly to Bastos as “dividends”. Another $34 million was used as revenue to service Quantum Global Investments Africa Management, a Swiss-based company majorly owned by Bastos and of which he is the Chief Executive Officer. All of this while Angolans are riveting in extreme poverty, one man gets $44 million of public funds.

Today, De Morais remains a free man, running his multiple businesses including Banco Kwanza Invest (BKI). We support the current president of Angola in his efforts to investigate the rest of the oil wealth investments fund, the $5 Billion Fundo Soberano De Angola (FSDEA).

2 thoughts on “Billionaire Financial Crimes Africa: Who Is Jean Claude Bastos De Morais?

Leave a Reply