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Alternative Market Briefing

British prosecutors face scrutiny over hedge fund Weavering case

Wednesday, May 08, 2013

From Komfie Manalo, Opalesque Asia – The UK’s Serious Fraud Office (SFO) is likely to face intense pressure once the trial of the collapsed hedge fund Weavering Capital goes underway, Judge Alistair McCreath was quoted as saying by Reuters.

McCreath set a provisional date for the criminal trial of Weavering Capital’s founder Magnus Peterson for October 2014, and a provisional date for an abuse of process hearing for November 8. He cautioned the SFO that they would likely face "quite serious criticism" in the trial over their handling of the case, said Reuters.

Weavering Capital was once the oldest hedge fund in the UK with assets over $600m. The hedge fund’s investors lost millions of dollars when it collapsed at the height of the credit crisis.

In a surprise move, the SFO announced in 2011 that it would suspend its investigation into the collapse of Weavering Capital after two and a half years "over concerns it wouldn’t win a conviction," said Bloomberg.

David Green, who assumed the directorship of the SFO in mid-2012, announced soon after that he would reopen the criminal investigation into the 2009-collapse of Weavering, 10 months after the original probe was dropped.

According to Reuters, "the decisi......................

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