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Benedicte Gravrand, Opalesque Geneva: Dominique Strauss-Kahn, former head of the IMF and former finance minister in France, is under the wrong spotlights again.
Following his well-publicized fall in May 2011 in New York, he went back to France. Betting on his reputation as a strong economist, he launched a macro hedge fund in October 2013 with Thierry Leyne, a French-Israelite businessman. The Luxembourg-based firm, Leyne, Strauss-Kahn & Partners (or LSK), was to focus on emerging markets.
In November 2014, LSK shut down due to insolvency, after Leyne had committed suicide the previous month. The company, which originally aimed to raise $2 billion, became insolvent after a major investor withdrew his funds, leading Strauss-Kahn to quit and leaving behind €100 million in debts, reported Politico.eu. Strauss-Kahn blamed his former partner for having taken risky loans and made bad business decisions which had lost the firm a great deal of money, including his own.
It later emerged that the business was in dispute with Insch Capital Management, a Swiss hedge fund, who had made a formal complaint to Swiss regulators claiming that LSK & Partners had made "totally unauthorised purchases" of shares in Firstcaution, an insurer o...................... To view our full article Click here
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