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NNA - Statement by Presidency of the International Conference on Assistance and Support to Beirut and the Lebanese People
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وجاء في التقرير: (مراجعة الصورة البيانية)
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CNA - FinMin travels to Moscow Sunday for negotiations on Cyprus-Russia Double Tax Treaty
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Lusa - Business News - Angola: Sovereign wealth fund makes $234M in 2019




Luanda,July 14,2020(Lusa)-The Angola Sovereign Fund (FSA) made a net profit of $234 million (€206 million) in 2019, after two years of losses, according to a press release seen by Lusa.

The result is linked to the good performance of the international financial markets where the Fund has invested more than $1.79 billion (€1.57 billion) on which it recorded potential unrealised gains on debt instruments (bonds) and equity instruments (shares) of $189 million (€166 million).

Last year, the FSA had assets of $4.59 billion (just over €4 billion) and equity of $3.67 billion dollars (€3,23 billion euros), while net investment management costs were $4 million (€3.5 million) in 2019 and operating costs reached $15 million (€13 million).

In 2018, the Fund lost $104 million (€91 million) associated with the poor performance of the financial markets, in which it had invested more than $1.43 billion (€1,26 billion).

Unrealised potential losses on bonds and shares amounted to $162 million (€142 million).

Until March last year, the new management of the Fund was deprived of access to information on alternative investments, which conditioned the completion of the financial statements for 2017.

The lack of updated information on the alternative investments, which at the time represented more than 60% of the funds, led to the independent auditor and the Board of Auditors not being able to comment on this financial year.

The redemption of the investment portfolio, the communiqué states, resulted in the transfer of financial resources worth $1.945 billion (€1.7 billion), debt instruments valued at $67 million (€59 million) and many more than 65 vehicles/investment companies whose value was still to be determined.

At the end of 2019 alone, the process of surveying and valuing the assets was completed, concluding that they were worth $745 million (€655 million).

The restructuring of the FSA began in January 2018, with the appointment of a new Board of Directors and the creation of an investment committee that took office in the third quarter of 2019.

In April 2018, the Board of Directors terminated the contract with the former investment manager (Quantum Global, by Jean-Claude Bastos de Morais) and hired the international company Investec Asset Management, currently named Ninety One UK Limited, which on 31 December 2019, managed 32% of the Fund's assets.

It was also in 2018 that the FSA began the process of redemption of assets valued at $3 billion (€2.64 billion) that were under management by Quantum.

The financial assets were managed by Jean-Claude Bastos de Morais, president of the companies of the Quantum Global group, who was released on 22 March 2019 after almost six months in prison when the Angolan state announced the recovery of the money.

The Swiss-Angolan was accused of several crimes, including criminal association, misappropriation of advantage, corruption, and economic participation in business. At the time, the Fund was headed by José Filomeno "Zenu" dos Santos.

The son of the former president Angola, José Eduardo dos Santos, who was removed from office in January 2018 by the Angolan head of state, João Lourenço, is currently on trial for influence peddling, money laundering and fraud, in a case involving an alleged illegal transfer of $500 million (€438 million).

RCR/IMYN // ADB.

Lusa


Agency : LUSA

Date : 2020-07-15 11:32:00







 

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