João Lourenço delivers farms rescued from the Sovereign Fund to the Armed Forces

João Lourenço delivers farms rescued from the Sovereign Fund to the Armed Forces

The Angolan President, João Lourenço, decreed that two of the agricultural development projects rescued in October of 2018 from five companies held by the Sovereign Fund, at the time managed by Global Quantum, are delivered to the Angolan Armed Forces (FAA).

At stake are the Manquete Agricultural Development Project in the Angolan province of Cunene and the Agroindustrial Farm in Camacupa, in Bié.

The concessions were redeemed from five companies created in 2015 and linked to Quantum Global on October 1, 2018 and handed over to the Ministries of Agriculture and Forestry and Finance, and have now been transferred to Defense.

João Lourenço believes that the farms "present a strategic potential" for agricultural development in the FAA, "because the fruitful management will allow the Armed Forces to achieve self-sufficiency in some agricultural and animal products."

On October 1st, 2018, João Lourenço alleged a breach of the Sovereign Fund, led until January of the same year by José Filomeno dos Santos - son of former President José Eduardo dos Santos - to withdraw the management of six public farms.

At the time, the presidential decree indicated that the farms were rescued in favor of the State "for later privatization in an international public tender", ending, now, by being delivered to the Armed Forces.

The decision, as Lusa then reported, aimed at the administration of José Filomeno dos Santos, who headed the Sovereign Fund when, in 2016, the father and then Angolan head of state, José Eduardo dos Santos, attributed to the fund the management of those agribusiness enterprises.

José Filomeno dos Santos was in preventive custody between September 24, 2018 and March 24 of this year in the scope of the investigation of the Angolan Justice to his management in the Sovereign Fund, constituted in 2012 with about five billion dollars of state resources.

The six farms were part of the investment portfolio managed - on behalf of the sovereign fund - by the company Quantum Global, founded and led by Swiss-Angolan Jean-Claude Bastos de Morais, who, like José Filomeno dos Santos, was in preventive custody between last September 24th 2018 and March 22nd of this year in the same process.

These are some of the country's largest farms, built with public investment, such as Longa (Cuando Cubango province), whose management was given to Cakanduiwa, Camaiangala (Moxico) to Kadianga, Cuimba (Zaire) by Cakanyama, to Manquete (Cunene), Makunde to Camacupa (Bié) by Agri-Gakanguka, Sanza Pombo (Uige) also to Cakanyama.