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Alternative Market Briefing

RUMOUR: Infinium Global not reachable, not returning money to investor

Wednesday, June 12, 2013

Benedicte Gravrand, Opalesque Geneva:

An investor has alerted Opalesque of a fund whose managers are unreachable and not returning his redeemed money. Here, we report his story.

The Infinium Global Fund launched in July 2010 with a foreign currency-related trading strategy developed by two brothers and co-directors Andriy and Anto Kalyta. The $19.7m fund reportedly returned +43% in 2010, +104% in 2011, +77% in 2012 and +18% in 2013 (to May). The two brothers run the fund from Bratislava, the capital of Slovakia, and their registered office is in Grand Cayman.

An Asia-based investor alerted Opalesque about an investment he had made in Infinium where he bought 100 shares in August 2011, followed by a redemption request he sent to Infinium during the first week of April 2013. The shares’ NAV amounted $2,384 by the end of April. Lukas Matiasko, Investor Relations at Infinium, assured him he would receive his redemption in early May. As the redemption was late in coming, Andriy Kalyta then assured the investor he would get his money back in late May.

According to the fund’s Offering Memorandum, the minimum initial subscription amount per investor must be $100,000 (and $100,000 subsequently), the price per share was $1,000, the redemption notice period is monthly, and the fund "may defer payment of the redemption price if it is unable to do so because of circumstances beyond its control."

As no money ......................

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