Angola’s sovereign wealth fund has been refused permission to appeal by an English court and to extend a global freezing order against its Swiss asset manager Quantum Global, court documents seen by Reuters on Tuesday showed.
Angola’s $5 billion fund, known by its Portuguese acronym FSDEA, has been battling in several jurisdictions to sever ties with Quantum Global. It initially obtained a $3 billion global asset freeze order against the asset manager in London’s High Court.
This was overturned following a hearing in July, although the judge granted a temporary injunction freezing a reduced amount of $560 million to allow the FSDEA time to apply for leave to appeal.
At a hearing last Wednesday, lawyers for the FSDEA applied for leave to appeal and to extend the temporary asset freeze, which expired on Aug. 22.
The Court of Appeal denied both applications and awarded costs against the fund, according to a court order seen by Reuters.
Quantum Global said in a statement last week that it was still challenging similar court injunctions in Mauritius, which have prevented the company from managing its investments in Africa and paying its staff for five months.