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Businessman Can Use Schillings' Funds In Corruption Case

Law360, London (December 7, 2018, 1:57 PM GMT) -- A controversial businessman who ran Angola’s sovereign wealth fund can use $400,000 held for him by the U.K. law firm Schillings to fight regulatory proceedings and criminal investigations in Africa, a London court has ruled.

Financial regulators in Mauritius, and the Angolan wealth fund, have obtained freezing orders against companies controlled or owned by Jean-Claude Bastos de Morais, according to an order handed down by Judge Robin Knowles at the High Court. The Swiss-Angolan entrepreneur is also facing criminal investigations in the oil-rich African nation of Angola, the order states.

The court’s decision on Nov. 23 means that Bastos can spend money...

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