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Category Archives: Management Fraud
Liquidators bring an action against BVI fund
The liquidators of Weavering Fund’s UK operation began a civil case in London’s High Court against Magnus Peterson, CEO of Weavering and manager of its Macro Fund. Along with other employees of the fund, he is alleged of the breach … Continue reading
Offshore Investment fund alleged of providing false information
Federal Judge has frozen the assets and suspended the operations of Cambridge investment fund, Locust Offshore Management LLC. The founder of the fund, Andrey C. Hicks, is accused of lying to investors about the existence of an operation in the … Continue reading
A-Power’s shareholders asked to move for appointment as lead plaintiff in the lawsuit
All persons or entities who purchased the securities of the British Virgin Islands-registered company A-Power Energy Generation Systems, Ltd. between March 31, 2008 and June 27, 2011, have until August 31, 2011 to move the Court to serve as Lead … Continue reading
Satyam scam: UK and Singapore give response to CBI’s rogatory letters
The Central Bureau of Investigation (CBI) (India) has received a response from UK and Singapore authorities to the Letter of Rogatory (LOR) which concerns the so-called Satyam scam with the company Satyam Computers. According to the CBI official, who decided … Continue reading
Firepower’s director evidences at liquidators’ hearing
The director of Firepower Operations Pty Ltd, who also took the positions of the director and executive chairman of its parent company Firepower BVI, is giving his evidence at the liquidators’ hearing of the Firepower’s case. The Federal Court examination … Continue reading
Texas businessman sues ex-partner and BVI companies controlled by him
Craig Hall, a well-known businessman from North Texas, attempts to get back more than $150 mln of the $180 mln which he has lost by loaning or investing in several natural gas partnerships. Two of the companies in which he … Continue reading
MG Rover Group’s consultant received £1.69m to its accounts in BVI and Singapore
The relationship between Phoenix Venture Holdings director Nick Stephenson and Dr Qu Li, which was not only professional but also personal, became one of the most unexpected revelations in the investigation connected with MG Rover Group scandal and the way … Continue reading
London hedge fund Weavering Capital collapsed over derivative transaction with its BVI subsidiary
On March 19 Weavering Capital, a $639m (£440m) London hedge fund, put into liquidation its main fund – Weavering Macro Fixed Income fund in the Cayman Islands. Weavering froze the fund last week, after it was discovered that it was … Continue reading
BVI hedge fund to lose over $350 mln in Madoff affair
British Virgin Islands-registered fund Auriga International Advisers has lost more than 400 mln Swiss francs ($350 mln) that were invested with the company’s main shareholder Bernard Madoff. According to the information provided by Jacques Rauber, the majority shareholder of the … Continue reading
Information on enormous spendings of Firepower’s director revealed
From the documents received two weeks ago concerning the failed fuel technology company Firepower Operations Pty Ltd 2004-2005 and 2005-2006 profit and loss figures, it became clear that its director Tim Johnston, who was also the director and executive chairman … Continue reading