An announcement published on PricewaterhouseCoopers’ (PwC) website last week revealed that Kijani Resources – which manages the Kijani Commodity Fund Segregated Portfolio and the recently launched Kijani income Fund Segregated Portfolio – had been made insolvent.
The portfolios sit within the Brighton Segregated Portfolio Company (Brighton SPC), which was taken over by the Cayman Islands Monetary Authority on 1 June and is currently undergoing a ‘forensic examination’.
Brighton SPC is one of the entities administered by Mauritius-based firm, Belvedere Management Group, which had its management licence suspended by the island’s Financial Services Commission in March.
The fund’s board of directors resigned after allegations emerged that the investment vehicle was facing “liquidity problems”.
A letter which went out to shareholders in March said Brighton SPC and its Kijani portfolios were no longer accepting new subscriptions. The letter also said the redemption of participating shares and the payment of any redemption proceeds were suspended until further notice.
Kijani’s creditors are to meet for the first time at the PwC offices in Gibraltar on 19 July.
