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Alternative Market Briefing

SFC recovers $190m for investors of collapsed Athena Fund

Thursday, May 07, 2015

Benedicte Gravrand, Opalesque Geneva:

Six years after freezing the assets of the Athena Fund, Hong Kong’s Securities and Futures Commission (SFC) managed to recover some $191m, paving the way for about 340 overseas investors allegedly defrauded by the collapsed hedge fund to start recouping their money.

The SFC’s Executive Director of Enforcement, Mark Steward, said: "The SFC alleges the Athena Fund was an outright fraud. Our action to have the assets frozen prevented them from disappearing into the perpetrators’ pockets and will enable most investors to recover a substantial portion of their investments."

Proceedings in 2009 Suspecting that the assets of the Athena Fund had been dissipated and that investors had been given false accounting statements, the SFC started proceedings in April 2009, seeking the appointment of administrators and injunction orders over a group of companies (Descartes Investment Management Ltd (DIM), Descartes Global Asset Management Ltd (DGAM), Descartes Finance Ltd (DFL) and Descartes Athena Fund SPC), and two individuals related to the Athena Fund.

The court granted permission for the freezing of up to US$90.6m belonging to two individuals and companies related to the case. The SFC the......................

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