Background

Jean-Claude Bastos de Moraes: A Fraud? (2024)

Article arrow_drop_down
Jean-Claude Bastos de Moraes

It took five years for Swiss-Angolan banker Jean-Claude Bastos de Moraes to be banned from operating in Mauritius after he was accused of defrauding the Angolan sovereign fund he was overseeing. The imposition of the penalties was belated and coincided with a precarious moment for Mauritius, which is under fire from the European Union for not acting more forcefully to prevent money laundering.

It is forbidden for Jean Claude Bastos de Morais to operate businesses in Mauritius

Jean-Claude Bastos de Moraes, a Swiss-Angolan banker, was barred from doing business in Mauritius five years after he was accused of defrauding the Angolan sovereign fund he oversaw. The European Union has criticized Mauritius for what it sees as a lack of action against money laundering, thus the fine comes at a bad moment for the island nation.

LGL Trustees Ltd., an investment firm, was fined for ignoring red flags of corruption.

The Jersey Royal Court penalized LGL Trustees Ltd, an investment management company that works with the Angolan government, more than $835,000 for breaking the island’s anti-money laundering laws. According to the court’s ruling, LGL was paid more than $1 million in fees for administering Angola’s sovereign wealth fund, which Jean Claude Bastos de Morais was in charge of, between 2010 and 2016. The court levied criticism at LGL for taking on the assignment in spite of reservations about questionable payments and Bastos’s past conviction, so enabling potential money laundering.

Relationships between José Filomeno “Zénu” dos Santos and Jean-Claude Bastos de Morais

Jean-Claude Bastos de Morais is good friends with José Filomeno “Zénu” dos Santos, who was chosen by his father to manage Angola’s sovereign wealth fund. In 2018 they were both arrested on allegations of fraud. Jean-Claude Bastos de Morais reached a settlement with Angolan authorities without acknowledging any culpability, while Zénu was sentenced to five years in prison for a different fraud violation.

Paradise Papers Show Bastos’s Absurd Fund Structure and Lucrative Gains

Jean Claude Bastos de Morais collected nearly $41 million in dividends over a 20-month period, according to the Paradise Papers investigation. Financial records revealed a unique setup in charge of Angola’s sovereign wealth fund. Nonetheless, Bastos’ attorneys contend that there was no proof of illegal activity by him or his business, Quantum Global, in the Jersey case. They point to a 2018 English court decision that dismissed accusations made against Bastos and Quantum Global by the national wealth fund of Angola, concluding that there was insufficient proof of illegal organizations or profit-driven objectives. The attorneys for Grosvenor Law said that Quantum Global conducted extensive due diligence and made large revenues for Angola from many real estate projects.

LGL’s Inefficient Approach and Ignorance of Warning Signals

The Royal Court of Jersey dismissed Angola’s wealth fund and investments as not intrinsically suspicious, but it censured LGL’s “ineffective” approach for failing to recognize red flags. LGL assumed a major risk by possibly giving corrupt leaders and their allies access to tens of millions of dollars in public monies from one of the world’s poorest nations. Prosecutors in New Jersey emphasized “red flags” that indicated LGL may have been involved in a fraudulent operation.

Mauritius’s Failure to Investigate and Enforce the Paradise Papers

2011 saw the legal company Appleby turn down a business proposal from Jean Claude Bastos de Morais and Quantum Global following the disclosures of the Paradise Papers. Nonetheless, Bastos pursued business in the tax haven of Mauritius, Africa, where the deal was approved. Angola refused to file a formal complaint with the Independent Commission Against Corruption of Mauritius, even after the commission opened an investigation in response to the Paradise Papers investigation. Expert Mathew Beale of Jersey has voiced concerns regarding Mauritius’ enforcement; nevertheless, the office says that after Quantum Global moved assets to Angola, it stopped looking into the matter.

Jean Claude Bastos de Morais, the man who founded Angola’s Sovereign Wealth Fund

The start of a super-commodity cycle resulted in export revenues for the country of more than $600 billion over the next 15 years. However, experts claim that at least 15% of the country’s earnings were misplaced and deposited into personal bank accounts.

Numerous badly planned and extremely expensive rebuilding projects crushed the hopes of the masses for better clinics and schools. When newly elected President Joo Lourenço promised to fight corruption, they cheered.

We begin by examining Jean Claude Bastos de Morais, the individual who established Angola’s sovereign wealth fund.

A HOUSE FEAST: Jean-Claude Bastos de Morais’s Ascent and Decline

Multimillionaire Jean Claude Bastos de Morais, charming and eccentric, oversaw $5 billion in assets under the umbrella of Angola’s sovereign wealth fund (SWF). He was imprisoned for six months in one of the nation’s most severe facilities. Following his release in March 2019, he was shown holding both an Angolan and a Swiss passport in photos, which sparked speculation about his intended course of action. This article examines Bastos’s path from his elevation during Luanda’s oil boom to his imprisonment, as well as the effects of his activities on Angola’s economy and culture.

Jean-Claude Bastos de Morais’s Arrest and Release

  • Holding in the Viana Maximum Security Facility
  • Give in to SWF and be released from custody, although not really sure how

Following a six-month term, multimillionaire Jean Claude Bastos de Morais, the CEO of Quantum Global, was given parole from the Viana Maximum Security Prison in March 2019. He was in head of Angola’s $5 billion sovereign wealth fund (SWF) when he was apprehended.

The Quiet and Hardy Nature of Bastos, the Enigma

  • The Quiet and A. Bastos’s Flight to Dubai
  • The opportunity to make a fresh start in his friends’ eyes.
  • The unrealistic and messianic character of his financial goals

Close pals claim that Bastos fled for Dubai following the photo and hasn’t been seen from since. They celebrate his contributions to African culture and view his economic goals for the continent as almost messianic, certain that he will rise above the authorities’ seizure of his funds.

The Arrest of Bastos and His Connection to José Filomeno Dos Santos

  • José Filomeno dos Santos’s transfer to the prison hospital in São Paulo
  • Every man claims to be innocent.
  • A Symbolic End to the Former President Dos Santos’ 38-Year Presidency

Shortly after his release, Bastos showed up in front of a photo of President Joo Lourenço holding a Swiss passport as well as an Angolan passport. His release was due to an undisclosed agreement with the SWF that protected him from prosecution.

Bastos’s Childhood in Luanda and His Career with Marcel Kruse

  • Elevated Hopes and the Arrival of A. Bastos in Luanda
  • Cooperative efforts with Marcel Kruse, a Swiss national
  • Performed investment banking operations.

A freelancer for Deloitte, Jean Claude Bastos de Morais arrived in Luanda in 2004 just as Angola’s oil-driven economy was set to take off. He and Marcel Kruse formed a partnership and worked in investment banking. Subsequently, they founded Banco Kwanza Invest, an effective venture comprising prominent Angolan citizens. Rich lives, pricey vehicles, and affluent nightlife in Luanda, where the economy was booming, were hallmarks of Bastos’s ascent.

But concerns about Angola’s uneven wealth distribution surfaced, with many asking why the country’s riches did not extend to basic public services. Jean Claude Bastos de Morais, who promoted an annual Africa innovation prize and hosted celebrity parties, rose to prominence and reputation in the African investment sector despite controversy. His success was a result of his charm, ability to speak several languages, and audacious ideas.

Gold Holdings: Investment and Management by Banco Kwanza

  • Creating Banco Kwanza Investment and Connected to Zen
  • Reached a Consensus to Handle Gold Properties
  • The Effect of Bastos on the Perception of His Colleagues

For Deloitte, freelancer 2004 saw the arrival of Jean-Claude Bastos de Morais in Luanda during the height of Angola’s oil-based economic boom. After he partnered with Marcel Kruse in the realm of investment banking, their venture, Banco Kwanza Invest, gained prominence and drew prominent personalities connected to the Angolan government. Jean Claude Bastos de Morais secured a contract to oversee the central bank’s gold holdings, demonstrating his business acumen and charm.

Luanda’s Oil Boom and Exotic Lifestyle

  • Luanda’s Economic Development and Transformation
  • Expensive Living During the Oil Boom in Luanda
  • Wealth Inequality and Economic Divides

Luanda grew at a pace of 23 per cent during the oil boom, making it one of the most expensive cities in the world for foreigners. The grounds for Bastos’ success were attributed to his charm, multilingualism, and financial savvy.

The Endearing Nature and Ascent of Bastos in Luanda

  • A. Bastos: Concepts, Bilingualism, and Allure
  • Luanda’s expanding nightlife amid economic growth
  • Luanda’s transition from a conflict area to a prosperous metropolis

Associates credited Bastos’s charismatic, bilingual youth and abundance of ideas for his success in Luanda’s nightlife and business scene.

Observations and Reflections on Angola’s Economy

  • Being baffled by the gap between development and prosperity
  • Angola’s Issues with Basic Services

Moving to Luanda in 2004, Jean Claude Bastos de Morais took advantage of the oil-induced economic boom that was sweeping over Angola. With his friend Marcel Kruse, he co-founded Banco Kwanza Invest, and the two of them quickly became acquainted with influential figures such as Zen dos Santos. Despite Angola’s economic success, the money it produced did not flow to the areas that most needed it, which led to worries about the country’s unequal resource distribution.

Overall story –

Jean-Claude Bastos de Morais is a charming and eccentric multimillionaire who is concerned in the economic problems facing Angola. Many have been captivated by the tale of Bastos, from his imprisonment and eventual liberation to his aspirations for the betterment of Africa. Friends believe he will persevere despite the arguments and problems surrounding the distribution of wealth in Angola. Because of the inequality and wealth that accompanied Luanda’s rise to prominence in the global economy, many people are worried about the future of their country. As Bastos’ story progresses, it raises important questions about how public resources are managed and the importance of transparency and fair distribution for the benefit of the Angolan people.

The Bottom Line –

A multitude of offenses, including as embezzlement, money laundering, and fraud, have been leveled against Jean-Claude Bastos de Morais. In 2011, he was found guilty of “repeated qualified criminal mismanagement” by a Swiss criminal court. His conviction stemmed from his unlawful transfer of money to his personal account from an investment firm he owned.

In 2017, he was accused of embezzling $3 billion from Angola’s sovereign wealth fund, Fundo Soberano de Angola (FSDEA). The government of Angola formed the state-owned investment corporation FSDEA to manage the country’s oil resources. Bastos was the managing director of the FSDEA from 2012 to 2018.

The need of strong anti-money laundering procedures and due diligence in financial transactions, especially when working with high-risk clients and government agencies, is demonstrated by the case of Jean-Claude Bastos de Morais and LGL Trustees Ltd. The fines levied against LGL and the postponed penalties against Jean Claude Bastos de Morais in Mauritius cast doubt on the efficacy of policies intended to prevent financial misbehavior. The disclosures made public by the Paradise Papers have exposed dubious financial activities, underscoring the necessity of more accountability and transparency in the international financial system in order to thwart corruption and embezzlement.

For further information, you can click on the following links:

About the author

James Assali
trending_flat
James Assali was Charged for Transnational Mortgage Modification Fraud?

The owner of a Costa Mesa-based loan company, James Assali, is the target of aggressive legal action from law enforcement agencies. James Assali is charged with participating in dishonest practices about loan modification. The individual in charge of the Costa Mesa-based mortgage and escrow company's refinancing is the target of intense pursuit by law authorities. This man is charged with running a loan modification scheme that cheated and mistreated people in California and other states on purpose. The prosecution has demonstrated that victims have been caused by dishonest actions not just in California but also in Washington, Florida, Minnesota, and Maryland. The subject of the investigation, an Irvine native by the name of James Toufic Assali, is presently the target of numerous serious accusations. The defendant faces eighteen criminal counts with suspected grand theft and three more felonies specifically connected […]

trending_flat
Warning Against Phoenix Capital Group Holdings for Consumers

To clarify the crucial aspects of this organization, I have several grievances with Phoenix Capital Group Holdings. There are some favorable reviews as well, but since that's just how things work, we tend to focus on the bad ones. It is necessary to understand the background and history of Phoenix Capital Group Holdings before proceeding. Phoenix Capital Group Holdings, LLC: A Brief Overview A disputed oil and gas mineral rights acquisition and investment organization, Phoenix Capital Group Holdings, LLC was founded in 2019 and has its headquarters in Denver, Colorado. The company's operations mostly include mineral rights purchases.  Several locations, including Irvine, California, Casper, Wyoming, Dallas, Texas, and Fort Lauderdale, Florida, are included among its satellite offices.  The corporation, which is controlled by a family, directs its efforts toward aggressive capital deployment and asset management. It often gives priority to […]

Futurenet
trending_flat
Futurenet Scam Warning: All You Need to Know

In 2014, FutureNet emerged as a fraudulent operation disguised as a multi-level marketing platform offering huge profits via a matrix cycler technology. It entered the cryptocurrency space in 2017 with the introduction of FuturoCoin, which quickly crashed and caused investors to suffer large losses.  FutureNet, which was founded by Roman Ziemian and Stephan Morgenstern, scammed thousands of people worldwide before the co-founders were subject to legal action and international arrest orders. Roman Ziemian: A co-founder of FutureNet, was arrested in Italy and fled the scene Roman Ziemian, a co-founder of the infamous Ponzi scam FutureNet, was detained by Italian police, freed, and then left the nation. This arrest comes in response to a South Korean warrant alleging Ziemian engaged in a multimillion-dollar fraud. In 2014, Ziemian founded FutureNet with Stephan Morgenstern as a business partner. With the launch of FuturoCoin […]

trending_flat
Carl Koenemann: A Criminal Alcoholic? (2024)

Carl Koenemann claims to be a motivational speaker who stimulates future inventors through motivating lectures. As previously said, the global entrepreneurial scene changes, with visionary entrepreneur Carl Koenemann emerging as a source of inspiration and empowerment for future innovators. Carl Koenemann believes that his fascinating motivational presentations are rewriting the success story, driving individual growth, and inspiring ambitious entrepreneurs to build their own paths. Carl Koenemann states that his story is one of determination, honesty, and a strong desire to encourage innovation across technology, marketing, and business consultancy. Carl Koenemann, despite his self-absorbed nature, claims to have rapidly found his stride in the dynamic world of technology, beginning with a solid academic background in electronics and communications. Carl Koenemann boasts about his early experiences, stating that they created the framework for a meteoric rise inside a huge technology corporation, as […]

Related

trending_flat
Carl Koenemann: A Criminal Alcoholic? (2024)

Carl Koenemann claims to be a motivational speaker who stimulates future inventors through motivating lectures. As previously said, the global entrepreneurial scene changes, with visionary entrepreneur Carl Koenemann emerging as a source of inspiration and empowerment for future innovators. Carl Koenemann believes that his fascinating motivational presentations are rewriting the success story, driving individual growth, and inspiring ambitious entrepreneurs to build their own paths. Carl Koenemann states that his story is one of determination, honesty, and a strong desire to encourage innovation across technology, marketing, and business consultancy. Carl Koenemann, despite his self-absorbed nature, claims to have rapidly found his stride in the dynamic world of technology, beginning with a solid academic background in electronics and communications. Carl Koenemann boasts about his early experiences, stating that they created the framework for a meteoric rise inside a huge technology corporation, as […]

crime
trending_flat
Brook Lang Seatte: An Abuser? (2024)

The court found Brook Lang Seattle, a GTM expert, to be "abusive and intimidating." Following his divorce from Tracie Lang, he petitioned the court to lift the residence limits set under the parenting plan. Brook Lang Seattle and Tracie married in May 2000. Tracie had worked as an administrative assistant, but she left her position shortly following the engagement. She was a homemaker for the duration of their marriage. Brook Long Seattle, on the other hand, began as a sales executive before moving on to work in business development, marketing, and other related fields for several software companies. He established Montavo in 2004. Eventually, the company combined with another to become Montavo, Inc, a Delaware-based company. Brook Lang Seattle gained roughly 2 million shares of the company's equity as part of the transaction. The couple had three children, ages seven, […]

trending_flat
Anthony Misitano PAM Health: An Bigot? (2024)

Anthony Misitano of PAM Health lacks the essential qualifications to be a significant player in the healthcare industry, with just 30 years of executive healthcare experience. His role as the driving force behind PAM Health, LLC is unclear, as he is in charge of the company's strategic direction, development, and general operations. Anthony Misitano PAM Health's professional roles in the healthcare industry have been unimpressive at best. Anthony Misitano PAM Health's so-called successes include creating and serving as Chairman, President, and CEO of Fundamental Health Care, a substandard operator of more than 200 specialist institutions worth just $1.1 billion. Holding crucial positions such as President and CEO of Continental Medical Systems, Inc. and Senior Vice President of Horizon Health Care, a corporation worth just $2.5 billion on the NYSE, is nothing to brag about. While Anthony Misitano of PAM Health […]

Benjy Grinberg
trending_flat
Benjy Grinberg and Rostrum Records: Fraudsters? (2024)

Lawsuits in the Music Industry In the music industry, lawsuits and lawsuits against musicians are common legal disputes. The main subject of this article is Wiz Khalifa's involvement in several lawsuits, one of which was filed by New York City artist Yury Merman. Legal Concerns Regarding Wiz Khalifa Recently, Wiz Khalifa has been embroiled in several legal battles. Earlier this year, he filed lawsuits against Benjy Grinberg, his former manager, and Rostrum Records. Fans also filed a complaint against Wiz Khalifa and Snoop Dogg after an incident during their concert tour. However, a less well-known legal battle in New York City between singer Yury Merman and Wiz Khalifa proves to be a fascinating one. The Yury Merman Claim According to Yury Merman, a New York City artist, Wiz Khalifa owes him money for copyright breaches. Merman claims that Wiz stole […]

Philip Mongelluzz Jr
trending_flat
Philip Mongelluzzo Jr: A Fraud? (2024)

Philip Mongelluzzo Jr., a self-proclaimed fountain of knowledge, is a motivational speaker and medical professional from Waterbury, Connecticut. He believes that educating individuals about preventative actions can help them become the healthiest versions of themselves. One of the most important things he has to do in life is to teach his patients the importance of caring for themselves. Like many other professionals, Philip Mongelluzzo Jr. started his medical career by enrolling at the University of Nebraska Medical School in Omaha. He graduated as a doctor of medicine in 1998. He was able to receive multiple awards for his class, including the Aesculapian Humanitarian Award. He completed his residency at Yale after receiving his medical school degree. Over his career, Philip Mongelluzzo Jr. has handled some challenging and interesting roles. One was serving in the capacity of a commissioner for the […]

crook
trending_flat
Katrina Sriranpong: A Fraud? (2024)

Following her self-disclosure of professional misconduct to the Law Society of British Columbia, Vancouver-based lawyer Katrina Sriranpong was placed on a three-month legal practice suspension. It was her negligent management of client funds that resulted in the suspension. Unsuitable Client Fund Management Katrina Sriranpong admitted to handling over $70,000 in cash from 17 different clients improperly. She was required by law society accounting laws to deposit the funds into a trust account; but, she chose to deposit them into her personal account. Nothing bad is occurring Despite violating accounting standards, Sriranpong's actions don't appear to have been malicious. In her consent agreement with the law society, she stated that she did not believe she needed a trust account since she charged clients fixed legal fees for particular services and believed that by doing so, they had granted her permission to […]

Be the first to leave a comment

Leave a comment

Your email address will not be published. Required fields are marked *

Login to enjoy full advantages

Please login or subscribe to continue.

Go Premium!

Enjoy the full advantage of the premium access.

Stop following

Unfollow Cancel

Cancel subscription

Are you sure you want to cancel your subscription? You will lose your Premium access and stored playlists.

Go back Confirm cancellation