Bahamas investment fund faces winding-up over alleged $1.6bn asset diversion – Eye Witness NewsHide picture

Bahamas investment fund faces winding-up over alleged $1.6bn asset diversion – Eye Witness NewsHide picture

NASSAU, BAHAMAS: A Bahamas-licensed investment fund faces winding-up proceedings in the Supreme Court after the liquidator of a failed Brazilian bank alleged that approximately $1.6 billion was diverted from the bank and its subsidiaries into a corporate structure headed by the Bahamian fund. FAEX Fund Ltd., a Bahamas-incorporated SMART Fund, is the subject of a […]

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A Bahamas court is being asked to wind up FAEX Fund over allegations that at least $1.618bn in assets or value was diverted from Brazil's Banco Master and related companies into a multilayered corporate structure. The allegations have not been finally determined, while the petition argues alternativ... Article link

Bahamas entity heads $1.6bn launder ‘web’ in Brazil bank scandal

A Bahamian investment vehicle allegedly sits at the head of a complex “money laundering web” used to misappropriate some $1.618bn in what has been branded as Brazil’s largest-ever banking scandal.