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Komfie Manalo, Opalesque Asia:

The police in the UK has placed four individuals, including Glasgow-born financier Gregory King, under investigation over the collapse of the £400m hedge fund firm Heather Capital at the height of the global financial crisis, reported the Herald Scotland.

The investigation of the Procurator Fiscal is focused on loans made by a Scotland-based company related to Heather Capital called Mathon Finance Limited. The questionable loans were made against a series of development sites around central Scotland.

Newspaper reports in London and New York quoted liquidators of the hedge fund as describing some of Heather Capital’s lending as "a fabrication and a sham". Heather Capital was liquidated in 2010 saying the hedge fund failed because of the rough market at that time.

Aside from King, three of his other associates described only as in their "forties, fifties and sixties" are also being investigated by the police, it was said.

Background

In May 2008, Heather Capital announced the launch of a £1bn fund targeting distressed property sellers.

The fund was focused on buying UK commercial property including industrial, retail and office space and aimed......................

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