1 February 2013

Angola: Independent Legal Opinion Supports Fund's Constitutionality

Luanda — The Angola Sovereign Fund (FSDEA) Thursday in Luanda released an independent legal opinion on the constitutionality of its creation, confirming that it was legally established, in compliance with the Angolan Constitution.

According to an official source, the opinion follows the fact that in December 2012, the opposition Ample Convergence for Angola's Salvation (CASA-CE) party, raised questions about the FSDEA constitutional legitimacy.

CASA-CE on the occasion pleaded with the court for a review of the constitutionality of the foundations underlying the creation of the said fund.

The independent opinion came from the Portuguese law professor Jorge Miranda who says the president of the Republic, as the head of the executive has the power to create funds, including the FSDEA.

He also said there are no doubts about the constitutionality of the Presidential Decree that creates the FSDEA and sets the rules for its management and investment policy.

The source adds that the opinion further explains that the change of name of the fund, a fact used as a legal argument brought forward by CASA-CE, is irrelevant in terms of distribution of the competences between the Executive and Legislative powers.

In this regard, the CEO of the FSDEA, Armando Manuel, said he is engaged in settling the matter in an efficient way, stating that he is confident about the Court's ruling that he believes will help reinforce the legal firmness of the fund, its management and investment policy.

To him, independent legal opinions confirm the position that the fund was created in line with the Angolan Constitution.

He reaffirmed the FSDEA's commitment to support the social and economic development of Angola, by generating long term sustainable investment turnovers to the benefit of the Angolan people.

Meanwhile, a ruling of the Constitutional Court is awaited in the coming weeks to establish the truth about the FSDEA case.

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