The Cayman Islands Monetary Authority has cancelled the mutual fund registration of Obelisk Global Fund SPC.
The regulator said in a decision notice the fund is likely to become insolvent, was mismanaged and had neither paid licence fees from 2020 to 2022, nor submitted audited accounts for the for the years 2018 to 2021.
In addition to the fund not being operated in “a fit and proper manner”, CIMA said Obelisk directors Winfield Sifton and Matthew Ho, as well as controller Jazeb Jones, were not “fit and proper persons”.
Investment manager, Obelisk Capital Management Limited, operated gold funds and offered the sourcing and pre-financing of gold doré from African mines.
Obelisk was the subject of a liquidation after investors alleged unpaid loans. Last year, the liquidators applied for a receiver to be appointed over Obelisk Global Focus Fund, one of Obelisk Global Fund SPC’s segregated portfolios.
The directors denied the fund was insolvent. A $55,000 debt owed by the fund to the management company was paid before a judgment in the case could be delivered.
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