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QG Africa Hotel LP acquires InterContinental Hotel in Lusaka
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Africa's Cultural and Creative Revolution: A Saga in the Making | Industry Insights
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Feb 18, 2021
A ROYAL court decision to fine a finance firm for ‘obvious’ compliance failures has sent a ‘clear message’ that anti-money-laundering rules must be followed in Jersey, the financial regulator has said.
Martin Maloney, director general of the JFSC. Picture: JON GUEGAN. (30259324)
LGL Trustees Ltd learned this week that it is facing of hundreds of thousands of pounds for failing to recognise ‘numerous red flags’ when dealing with its former client Jean-Claude Bastos de Morais, who previously faced prosecution in Angola related to the misappropriation of government money. The Royal Court judgment is due to be made tomorrow.
Representatives of the firm pleaded guilty to the charges in December and appeared in the Royal Court on Monday for a sentencing hearing.
Feb 16, 2021
A TRUST company could be fined £650,000 for failing to recognise ‘obvious’ money-laundering risks when dealing with a firm investing millions of dollars of Angolan public money.
Anthony Pitcher, chairman of the Jersey Board of LGL Group (left) and John Pirouet, chief executive and managing director of LGL Group (right) going into the Royal Court. Picture: ROB CURRIE. (30240765)
LGL Trustees Ltd, represented by Anthony Pitcher, the chairman of its Jersey board, and John Pirouet, its chief executive, appeared in the Royal Court yesterday after pleading guilty to two charges in December last year.
In 2010 the company set up a ‘limited partnership’ structure which was to be managed by Jean-Claude Bastos de Morais, a Swiss-Angolan national who ran a Swiss-based investment business called Quantum Global. QG was commissioned in 2009 by the Angolan Council of Ministers to negotiate the purchase of real-estate investments into which the Angolan state could invest.