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Jean-Claude Bastos de Morais

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Jean-Claude Bastos de Morais
Personal details
Born28 October 1967 (1967-10-28) (age 57)
Fribourg, Switzerland
NationalitySwiss & Angolan
Occupation
  • Entrepreneur
  • Chairman of Quantum Global Group
Websitewww.jeanclaudebastosdemorais.com

Jean-Claude Bastos de Morais (born 28 October 1967 in Fribourg)[1] is a Swiss-Angolan entrepreneur[2] who has founded and led several businesses over the course of his career. Among these are Quantum Global Group, an international investment group with a particular focus on Africa[2] and Banco Kwanza Invest, Angola's first investment bank.

Bastos was cited as one of the Top 100 most influential Africans by New African magazine in 2013[3] and 2017.[4]

Family

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Jean-Claude Bastos de Morais was born on 28 October 1967 in Fribourg, Switzerland.[1] He is of bi-national heritage. His father is from Angola[5] and his mother is Swiss, coming from an entrepreneurial family.[6] His maternal grand-father was an industrialist in the watch industry[7] and invented the light inside the watch.[8] According to Bastos, his late Angolan grandmother inspired him to establish the African Innovation Foundation in 2009.[6]

Education and career

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Bastos studied economics at the University of Fribourg and received a Master of Arts in Management.[9] He financed his studies by starting a regional mergers and acquisitions business that sold small companies.[10] In 1989, Bastos joined Deloitte as a consultant and later Abegglen Management Partners. In 1995, he founded a venture capital company focused on Swiss SMEs.[11]

In 2004 Bastos founded Quantum Capital S.A. in Luanda, Angola, the first company of the Quantum Global Group.[12][13] In 2007, Quantum Global Investment Management was founded in Switzerland.[12] As an asset management company for global liquid investments[14][15] Quantum Global also expanded into the real estate business after establishing Quantum Global Real Estate in June 2009.[16] From 2012, Quantum Global together with Plaza, a joint venture with JLL subsidiary LaSalle, purchased office properties on Savile Row,[17] Fifth Avenue[18] and in Munich.[19] The Tour Blanche in Paris followed in 2014.[20] Other fields of activity of Quantum Global included private equity, portfolio management,[21] and a laboratory for economic research.[22]

In 2008, Bastos de Morais founded Banco Kwanza Invest,[23] Angola's first investment bank.[24]

In September 2015, Quantum Global became a member of the Forest Stewardship Council.[25] In 2016, a fund managed by the group acquired the InterContinental Hotel in Lusaka.[26] In 2020, Quantum Global Investment Management merged with Quantum Global Corporate Services.[27]

Fábrica de Sabão

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Fábrica de Sabão

In 2015 he launched the hybrid innovation hub, Fábrica de Sabão[28] (The Soap Factory) to support innovation projects in Angola. Fábrica de Sabão, a former soap factory, was converted into a hybrid incubator, co-working space, maker-space, and accelerator hub.[29] The hub is a collaboration with the government, which leases its premises. Fábrica de Sabão was built as an inclusive model to enable marginalized communities to participate in sustainable enterprise such as urban manufacturing.[30]

NGOs

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From 2017[31] to 2018,[32] Bastos de Morais was a member of the international council of the Belfer Center for Science and International Affairs.[33]

African Innovation Foundation

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Bastos with Ghanaian President Nana Akufo-Addo

In 2009, he founded the African Innovation Foundation (AIF)[34] which aimed to support sustainable projects in Africa. The Foundation's project "Innovation Prize for Africa (IPA)" was launched in 2011 in cooperation with the United Nations Economic Commission for Africa (UNECA).[35] The IPA held an annual competition honoring African entrepreneurs and innovators[36] through investment[37] in their ecosystems[38] and business development.[39] In 2016 the Innovation Prize for Africa celebrated its 5th anniversary,[40] and the AIF signed a Memorandum of Understanding (MoU) with the World Intellectual Property Organization (WIPO) for cooperation to support African innovators.[41] In February 2017 the AIF signed a MoU with the Botswana Innovation Hub to support innovations in Botswana.[42] In addition to the IPA, the AIF founded the ZuaHub, a platform connecting innovators with resources.[43] By 2017 the IPA had a database of over 6,000 innovators from 51 African countries.[44]

In 2012, the IPA was endorsed by a joint resolution of the African Union (AU) conference of ministers of finance, development and planning, and the United Nations Economic Commission for Africa (UN-ECA) conference of ministers of finance, planning and economic development. The AU/UN-ECA resolution invited "African governments and the private sector to contribute to financing the African Science, Technology and Innovation Endowment Fund and the Innovation Prize for Africa"[45] to ensure the sustainability of the IPA.[46]

African Law Library

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The AIF also initiated the African Law Library (ALL). The project was launched on 28 November 2013 at the African Union's headquarters in Addis Ababa, Ethiopia. With ALL Bastos implemented his idea of an online portal offering access to a wide range of legal documents as well as law and governance texts from African countries.[47] The Huffington Post reported that 'in June 2014 alone, more than 10,000 research sessions were initiated on the African Law Library platform'. In March 2015 over 4,500 regional and national court cases, 3,600 legislative acts and 8,000 secondary sources from eight African countries were published online.[48]

Philanthropic activities

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In October 2011 Bastos founded the Kitangana Tennis Project for orphans in Angola.[49] In 2017, his Quantum Global Group sponsored the Muhr Awards for Arab films at the Dubai International Film Festival.[50][51] In addition, Bastos supported several universities. He sponsored a research project at the Center of Neuroscience ZNZ, a collaboration between the University of Zurich and the Swiss Federal Institute of Technology ETH.[52] He also served on the advisory board of the Event Letterari Monte Verita Festival, the Official Monetary and Financial Institutions Forum (OMFIF) and the University of Cape Town Graduate School of Business.[49]

Criticism

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In 2011, Bastos was convicted together with his partner by a criminal court in Switzerland for "repeated qualified criminal mismanagement". Both have illegally paid out money in an investment company under their control, which partly lined their own pockets.[53] In 2017 the conviction played a major role in public discussions of his business activities which were uncovered by journalists in the Paradise Papers.[54][55][56] According to the London High Court of Justice, the applicants of a freezing order against Bastos made an "unfortunate misrepresentation" in their description of the Swiss conviction. Their wording stated that the conviction called for a suspended custodial sentence. However, Bastos was only supposed to pay a fine which was later suspended. Their application for a freezing order was dismissed due to this misrepresentation, among other breaches of duty.[57] Furthermore, the Swiss prosecutors dropped the charges, and Bastos held no criminal record.[58]

Angola sovereign wealth fund

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In 2012, following a selection procedure,[59][60] Bastos' asset management group Quantum Global was awarded the contract to manage the newly created Angolan sovereign wealth fund, the Fundo Soberano de Angola (FSDEA), with fund assets of US$5 billion.[61][62]

In November 2017 the BBC News reported about him in relation to the Paradise Papers.[63] The Paradise Papers reported his use of Angola's sovereign wealth fund Fundo Soberano de Angola (FSDEA) for his own investment projects. According to a Bastos interview by The Guardian, FSDEA had not paid brokerage or finder’s fees for those investments where he himself also held a stake.[64] After the Paradise Papers were leaked[65] licenses of seven funds of Bastos' Quantum Global were suspended in Mauritius after a visit of Angolan officials.[66] The Mauritius Supreme Court froze US$519 million on 58 bank accounts of Quantum Global in early April 2018.[67] In London a British court froze US$3 billion on Quantum Global accounts at the end of April 2018.[68][58]

At the end of July 2018 the freezing of British bank accounts was lifted by London's High Court. It ruled, that the freezing was based on false information. The court accused the state funds representatives of "breaches of the duty of disclosure" in the fund's application for a freezing and called these breaches "substantial" and "culpable".[69][57] "There is no evidence to suggest that the use of offshore structures by the group was anything other than the normal and legitimate way the group structured itself for tax, regulatory and other proper business purposes; or that Mr Bastos’ personal use of such structures was not his normal modus operandi for legitimate personal reasons." The High Court's ruling stated that limited partnerships in offshore jurisdictions "are not unusual for private equity investments; that they were known about and not disapproved by Deloitte at the time; that the structure was not a matter of criticism by E&Y in their investigations; and that the drawing down of the full committed amounts into the accounts in the names of the Limited Partnerships so as to put them beyond the control of FSDEA was for a legitimate political objective."[70]

After the High Court in London had legally confirmed the contracts between Quantum Global and FSDEA, Bastos was taken into pre-trial detention in Angola[71] in the autumn of 2018 on the charge that he had enriched himself with state property. The media saw the arrest as an attempt by Angola to exert pressure on Quantum Global and Bastos.[72][73] In March 2019,[74] Angola and Quantum Global reached a settlement. Quantum Global released the mandate early and Bastos received a settlement from Angola[75][76] that dropped all charges against Bastos and Quantum Global.[77][78] In Mauritius, the account freezes were lifted and the tax authorities renewed Quantum Global's licenses. Quantum Global withdrew a claim for damages against the FSDEA in London.[79] When the settlement was reached, Bastos was released from pre-trial detention in March 2019.[73]

Writing

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  • He is the co-editor of the book Innovation Ethics. African and Global Perspectives,[80] co-published by Globethics.net and the AIF. The book looks at innovation ethics and the “ethical innovator,”[81][clarification needed] from multidisciplinary and international perspectives with a focus on Africa.
  • The Convergence of Nations: Why Africa’s Time Is Now, OMFIF Press,[82] in collaboration with a team of 31 authors from 15 nations on how Africa can benefit from changes in the world political and economic environment.
  • SEED is a collaboration with the African Innovation Foundation (AIF), a Swiss-registered foundation.[83] SEED was published to reinforce the value and benefit of seeding innovation in all fields of development for a rich and prosperous Africa.[84]

Notes

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  1. ^ a b Simon Christen (17 December 2017). "Jean-Claude Bastos und das Wunder von Angola". SRF. Retrieved 30 December 2017.
  2. ^ a b Nsehe, Mfonobong. "How Swiss-Angolan Investor Jean Claude Bastos De Morais Plans To Deliver Better Healthcare In Africa". Forbes. Retrieved 2017-11-03.
  3. ^ "Jean-Claude Bastos de Morais: Africa's innovation guru". New African Magazine. 2017-06-27. Retrieved 2021-01-06.
  4. ^ fadamana (2017-12-07). "100 Most Influential Africans: Ten Kenyans Including CJ David Maraga Listed". Answers Africa. Retrieved 2021-01-05.
  5. ^ Mfonobong Nsehe (1 October 2014). "Meet The Swiss Entrepreneur Who Is Funding African Innovation". Forbes. Retrieved 31 December 2017.
  6. ^ a b Niyi Aderibigbe (3 June 2016). "GrowthCore with Jean-Claude de Morais: Innovation can speed up economic diversification and job creation in Africa". The Nerve Africa. Retrieved 31 December 2017.
  7. ^ Claude Grunitzky (6 December 2016). "Jean-Claude Bastos de Morais: the publicity-shy entrepreneur unleashing innovation in Angolan slums". True Africa. Retrieved 31 December 2017.
  8. ^ Regina Jane Jere (27 June 2017). "Jean-Claude Bastos de Morais: Africa's innovation guru". NewAfrican. Archived from the original on 15 February 2018. Retrieved 31 December 2017.
  9. ^ "Jean-Claude Bastos de Morais". Jean-Claude Bastos de Morais. Retrieved 2017-07-11.
  10. ^ Niyi Aderibigbe (3 June 2016). "GrowthCore with Jean-Claude de Morais: Innovation can speed up economic diversification and job creation in Africa". The Nerve Africa. Retrieved 15 January 2018.
  11. ^ Mfonobong Nsehe (1 October 2014). "Meet The Swiss Entrepreneur Who Is Funding African Innovation". Forbes. Retrieved 15 January 2018.
  12. ^ a b "The innovator exosystem". slideshare. June 2015. Retrieved 31 October 2020.
  13. ^ "Five minutes with… Quantum Global chairman Jean-Claude Bastos de Morais". Gulf Business. 4 July 2016. Retrieved 31 October 2020.
  14. ^ "Angola launches US$5bn sovereign wealth fund". The Economist. 18 October 2012. Retrieved 5 April 2021.
  15. ^ "Approved Judgment" (PDF). The Royal Courts of Justice. 16 August 2018. Retrieved 5 April 2021.
  16. ^ "Quantum Global Alternative Investments AG". easyMonitoring. Retrieved 31 October 2020.
  17. ^ "Quantum Global Real Estate and LaSalle buy trophy office building in Mayfair". Flexible Space Association. Retrieved 31 October 2020.
  18. ^ Eddie Small (28 March 2019). "Savanna picks up 521 Fifth Ave for $381M". The Real Deal. Retrieved 31 October 2020.
  19. ^ "Quantum Global Real Estate und LaSalle kaufen Büroimmobilie in München". Deal Magazin. 3 September 2013. Retrieved 31 October 2020.
  20. ^ "Quantum Global Real Estate und LaSalle erwerben Büroimmobilie in Paris". 27 October 2014. Retrieved 31 October 2020.
  21. ^ "Movenpick Ambassador Hotel sold to Quantum Global". Citi 97.3 FM. 11 January 2017. Retrieved 31 October 2020.
  22. ^ Daniel Mumbere (30 March 2018). "Morocco ranked most attractive investment destination in Africa". Africanews. Retrieved 31 October 2020.
  23. ^ Mfonobong Nsehe (1 October 2014). "Meet The Swiss Entrepreneur Who Is Funding African Innovation". Forbes. Retrieved 21 November 2017.
  24. ^ Chris Wright (5 September 2014). "Inside Angola's Sovereign Wealth Fund". Forbes. Retrieved 21 November 2017.
  25. ^ "Quantum Global joins the Forest Stewardship Council International". African Manager. 3 September 2015. Retrieved 31 March 2021.
  26. ^ "QG Africa Hotel LP Acquires InterContinental Hotel in Lusaka". HotelExecutive. 14 April 2016. Retrieved 31 March 2021.
  27. ^ "Auskünfte zu Quantum Global Investment Management AG". moneyhouse. 1 July 2020. Retrieved 5 April 2021.
  28. ^ "Home - Fábrica de Sabão". Fábrica de Sabão. Retrieved 2017-07-11.
  29. ^ "Jean-Claude Bastos de Morais: Africa's innovation guru". New African Magazine. 2017-06-27. Retrieved 2020-11-29.
  30. ^ "GrowthCore with Jean-Claude de Morais: Innovation can speed up economic diversification and job creation in Africa". The Nerve Africa. 3 June 2016. Retrieved 2017-07-11.
  31. ^ "Directory". belfercenter.com. Archived from the original on 4 August 2017. Retrieved 24 September 2024.
  32. ^ "Directory". belfercenter.com. Archived from the original on 31 August 2018. Retrieved 24 September 2024.
  33. ^ "International Council: Jean-Claude Bastos de Morais". Harvard Kennedy School. Archived from the original on 5 March 2017. Retrieved 5 March 2017.
  34. ^ "Home - African Innovation Foundation". www.africaninnovation.org. Archived from the original on 2017-07-14. Retrieved 2017-07-11.
  35. ^ "Innovation Prize for Africa". www.innovationprizeforafrica.org. Retrieved 2017-07-11.
  36. ^ Hub, IISD's SDG Knowledge. "UNECA, African Innovation Foundation Launch Prize for Sustainable Development | News | SDG Knowledge Hub | IISD". Retrieved 2020-11-29.
  37. ^ Awosanya, Yinka (2015-08-03). "Innovation Prize for Africa Calls for 'Made-in-Africa' Innovations for $150k". Techpoint Africa. Retrieved 2020-11-29.
  38. ^ "The 10 finalists for the 2016 African Innovation Foundation (AIF) Innovation Award for Africa". AfrikaTech. 2016-05-10. Retrieved 2020-11-29.
  39. ^ "Investing in African innovation". www.bizcommunity.africa. Retrieved 2020-11-29.
  40. ^ Katie Pisa; Sophie Morlin-Yron. "The 10 best inventions from Africa". CNN. Retrieved 2018-02-20.
  41. ^ "WIPO and African Innovation Foundation Sign Collaboration Agreement". Flickr. Retrieved 2018-02-20.
  42. ^ "News 13-02-2017 - Innovation Prize for Africa". innovationprizeforafrica.org. Archived from the original on 2018-03-25. Retrieved 2018-02-20.
  43. ^ "African Innovation Foundation - Call for Applications: Innovation Prize for Africa 2018 Awards "Investing In Inclusive Innovation Ecosystems" - CNBC Africa". CNBC Africa. 2017-10-10. Archived from the original on 2018-02-21. Retrieved 2018-02-20.
  44. ^ "Innovation Prize for Africa 2017: An interview with Pauline Mujawamariya Koelbl". Rise Africa Rise. 2016-12-18. Archived from the original on 2018-02-21. Retrieved 2018-02-20.
  45. ^ "Report of the Committee of Experts" (PDF). United Nations Economic Commission for Africa. 27 March 2012. Retrieved 29 May 2021.
  46. ^ "Report of the Secretary-General" (PDF). United Nations Economic and Social Council. 27 April 2012. Retrieved 29 May 2021.
  47. ^ "African Law Library launches - Ethics News - Globethics.net". www.globethics.net. Retrieved 2018-02-20.[permanent dead link]
  48. ^ Ng'weno, Amolo (2015-02-03). "Democratizing Access to Legal Information -- For Every African". Huffington Post. Retrieved 2018-02-20.
  49. ^ a b "Mr Jean-Claude Bastos de Morais". www.gsb.uct.ac.za. Retrieved 2018-05-28.
  50. ^ "DIFF 2017 features Emirati cinema, Jean Claude Bastos de Morais, Cate Blanchett, and Patrick Stewart grace the event". www.thriveglobal.com. Retrieved 2018-05-28.
  51. ^ "Dubai International Film Festival | NEWS 2018". Dubai International Film Festival. Archived from the original on 2018-09-14. Retrieved 2018-05-28.
  52. ^ "Meet our authors - Jean-Claude Bastos de Morais, Switzerland and Angola - Ethics News - Globethics.net". www.globethics.net. Archived from the original on 2017-07-18. Retrieved 2018-05-28.
  53. ^ Christian Brönnimann: Wie ein Schweizer von Angolas Milliarden profitiert. Tages-Anzeiger, 5. November 2017.
  54. ^ Meisel, Anna; Grossman, David (2017-11-07). "Tycoon made $41m from 'people's fund'". BBC News. Retrieved 2018-05-28.
  55. ^ "Swiss Connection: Spiel mit Angolas Milliarden - TV - Play SRF". Play SRF (in German). Retrieved 2018-05-28.
  56. ^ Panama Papers, Leaks reveal extensive siphoning of $5bn Angolan sovereign wealth fund, 2016: "Leaks reveal extensive siphoning of $5bn Angolan sovereign wealth fund | ANCIR". Archived from the original on 29 May 2016. Retrieved 2016-05-02.
  57. ^ a b Fundo Soberano De Angola & Ors v dos Santos & Ors [2018] EWHC 2199 (Comm), 16 August 2018, retrieved 2023-10-26
  58. ^ a b "You've been served with a freezing order. What are your options?". www.quinnemanuel.com. Retrieved 2023-10-12.
  59. ^ "Quantum diz que tribunal inglês desbloqueou gestão do Fundo Soberano de Angola - DN". www.dn.pt (in Portuguese). 31 July 2018. Retrieved 2019-12-26.
  60. ^ "Justiça britânica recusa apelo do Fundo Soberano de Angola para recuperar 477 milhões de euros". www.jornaldenegocios.pt (in European Portuguese). Retrieved 2019-12-26.
  61. ^ "Angola launches US$5bn sovereign wealth fund". The Economist. 18 October 2012. Retrieved 19 December 2019.
  62. ^ Louise Redvers (19 October 2019). "Angolan wealth fund gets president's son on board". Mail & Guardian Online. Retrieved 19 December 2019.
  63. ^ "Paradise Papers: Tycoon made $41m from 'people's fund'". BBC News. 7 November 2017. Retrieved 2017-11-07.
  64. ^ David Left (7 November 2017). "Angola sovereign wealth fund's manager used its cash for his own projects". The Guardian. Retrieved 19 November 2017.
  65. ^ Pegg, David (2017-11-07). "Angola sovereign wealth fund's manager used its cash for his own projects". the Guardian. Retrieved 2018-10-17.
  66. ^ "Mauritius Suspends Quantum Funds After Angola Official Visit". Bloomberg. 2018-04-09. Retrieved 2018-10-17.
  67. ^ "Mauritius Freezes $519 Million of Quantum's Assets". Bloomberg. 2018-04-10. Retrieved 2018-10-17.
  68. ^ "Ex-Angolan Leader's Son Seeks Overturn of Freeze Order". Bloomberg. 2018-04-28. Retrieved 2018-10-17.
  69. ^ Milhench, Claire. "UK judge lifts asset freeze order against Quantum Global in Angolan..." U.K. Archived from the original on July 31, 2018. Retrieved 2018-10-17.
  70. ^ "Quantum Global scores another victory in its dispute with Angola sovereign wealth fund". Ventures Africa. 2018-08-16. Retrieved 2020-01-18.
  71. ^ Meisel, Anna (2018-09-25). "Ex-president's son detained over 'fraud'". BBC News. Retrieved 2018-10-17.
  72. ^ "Angola accused of coercion in holding head of Swiss investment group". Financial Times. 2018-10-01. Retrieved 2018-10-17.
  73. ^ a b Stefan Häberli (22 March 2019). "Jean-Claude Bastos ist frei". Neue Zürcher Zeitung. Neue Züricher Zeitung. Retrieved 1 November 2019.
  74. ^ Agency (25 March 2019). "Former Angolan president's son freed from prison". The M&G Online. Retrieved 2019-10-27.
  75. ^ "Angolan Connection : fin de clap pour la Bastos Saga". Le Mauricien (in French). 2019-03-13. Retrieved 2021-12-30.
  76. ^ Stefan Häberli (4 July 2019). "Die Bundesanwaltschaft muss im Fall Bastos kapitulieren". Neue Zürcher Zeitung. Neue Züricher Zeitun. Retrieved 1 November 2019.
  77. ^ "Angola Says It Recovers $3.35 Billion of Assets From Quantum". 25 June 2019.
  78. ^ Häberli, Stefan (22 March 2019). "Jean-Claude Bastos ist nach Einigung mit Angola frei". Neue Zürcher Zeitung (in Swiss High German).
  79. ^ Sven Millischer (22 March 2019). "Jean-Claude Bastos in Luanda freigelassen". Handelszeitung. Retrieved 1 November 2019.
  80. ^ "Innovation Ethics". Globethics.net. 2014. Retrieved 29 May 2021.
  81. ^ Jean-Claude Bastos de Morais, Christoph Stückelberger (2014). Innovation Ethics. Geneva: Global Ethics.net. pp. 70, Innovation Ethics for Value-based Innovation, Christoph Stückelberger. ISBN 978-2-88931-003-6.
  82. ^ "The Convergence Of Nations: Why Africa's time is now". www.omfif.org. OMFIF Press. 2015. Archived from the original on 2016-06-09. Retrieved 2017-07-11.
  83. ^ "African Innovation Foundation". www.globalinnovationexchange.org. Retrieved 2017-07-11.
  84. ^ "AIF launches commemorative book". BiztechAfrica. Retrieved 2017-07-11.
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