1 MDB's Cayman fund may not exist -Bridge Global Absolute Return Fund not listed among Avetsra's funds.

by Ganesh Sahathevan


It was previously reported on this blog that the  Bridge Global Absolute Return Fund,in which some or all of  USD 2 billion of 1MDB's funds,is reported to be held, was used as a conduit to finance the business dealings of the fund manager:

A prospectus issued by Bridge Global Capital Management Ltd (BGCM), an ASX listed fund manager which is part of the Bridge group of companies that has been entrusted with USD 2 billion of 1MDB's funds, shows clearly that he actual manager of the funds (see report below), has been used in part to finance the recapitalization of BGCM. The prospectus is located at this link .

As the notes below show, Bridge Capital is ultimately  owned Joseph Wan Cheun Chung and wife Mak Wai Chun.



It has also been reported that the Australian Securities & Investment Commission (ASIC) has obtained orders to liquidate Avestra, the company that is at least on paper the manager of 1 MDB's funds.

An  affidavit in support of ASIC's  liquidation and other actions against Avestra has since been sighted and it can now be reported that Bridge Global Absolute Return Fund is not listed among funds under  Avestra's management.
This suggests that the Fund does not exist as an entity and that "Bridge Global Absolute Return Fund" may simply be a fictitious name under which various trades have been executed. Given that the name has been linked to   USD 2 billion of 1MDB's funds it has to be asked whether the trades have been made with 1 MDB money.

END

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