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SCA dismisses former hedge fund manager’s bid to stay prosecution – Moonstone Information Refinery
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SCA dismisses former hedge fund manager’s bid to stay prosecution – Moonstone Information Refinery
The former manager of a hedge fund that collapsed after incurring a massive loss on a short-sell position has failed to halt his prosecution. Marc van Veen was the director of Evercrest Capital (Pty) Ltd, which managed the Evercrest Aggressive Fund. In 2007, the fund suffered a significant collapse, losing about R146 million because of a high-leverage strategy of shorting Sanlam’s shares. This bet failed when Sanlam’s shares rose by 17% in April…
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