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

Comments

Post a Comment

Popular posts from this blog

AG NSW Mark Speakman, two Sydney University appointments by former USYD General Counsel Richard Fisher, the NSW LPAB, and Sydney Water- Speakman has even more election funding questions to answer as he defends his NSW seat of Cronulla

Image
by Ganesh Sahathevan        NSW AG Mark Speakman defending his Cronulla seat In 2013 the then NSW Minister for Finance Greg Pearce was sacked by the then  NSW Premier Barry O'Farrell for not disclosing a conflict of interest when he appointed the former  Sydney University General Counsel Richard Fisher to the board of Sydney Water.  Fairfax Media reported the details:  Fairfax Media has been told the lawyer Richard Fisher ''picked up the tab'' for the party to celebrate Mr Pearce's marriage to Shauna Jarrett, which was held a year before the Coalition took power in NSW and Mr Pearce became minister for finance and services. It has emerged that Ms Jarrett reports to Mr Fisher at the University of Sydney, where he is the general counsel. This was not disclosed to cabinet before it endorsed Mr Fisher's appointment in what Mr O'Farrell described as a ''clear breach'' of the ministerial code of conduct. Mr O'Farrell said he dismissed Mr Pe...
Read more

Cost of NSW LPAB's PLT scandal must be disclosed as a separate item, and notes provided to explain clearly how the scandal came to be; cost must include provision for contingent liabilities

Image
 by Ganesh Sahathevan                                                                                    NSW LPAB's 23-24 Annual Report has additonal defeciencies  The   NSW LPAB's PLT scandal  is not cost free, and so far included the expemse of the URBIS survey, and the internal PLT working group review. It is likely that other costs have and will be incurred, in the course of unravelling a scandal that the  NSW LPAB would have been aware of since at least 2006.  There is also a paper trail to show  that the   NSW LPAB Executive Officer at the time, Louise Pritchard,  had personal knowledge of governance matters which concerned the PLT, but were however excluded from the NSW LPAB Annual Report 2018 (see story below). Gi...
Read more

At the heart of the Muslim Legal Network NSW 's "Anti-terrorism laws: ASIO, the Police and You" booklet is the belief that Western civilization will soon collapse ;the "Great Lie" of democracy is first among its weaknesses.

Image
by Ganesh Sahathevani Mark Speakman ‏ Verified account   @MarkSpeakman Follow Follow  @ MarkSpeakman More Commemorating the opening of the 2019 Law Term at the #GallipoliMosque Auburn this evening with judges, lawyers (including @LSNSW_President ) and Islamic communities. 1:08 AM - 7 Feb 2019  from  Auburn Gallipoli Mosque The Australian Muslim Civil Rights Advocacy Network was co-founded by a UNSW researcher named Dr Waleed Kadous,who went on to work for Google,and then Uber. The other founder was his wife,Agnes Chong AMCRAN is best known for its "Anti-terrorism laws: ASIO, the Police and You" booklet, first published in 2006. In 2017 the following announcement  appeared on the AMCRAN website. Passing the Torch and Fourth Edition TUESDAY, 30 MAY 2017 As you can see from the fact that our last update was in 2009, AMCRAN has not been publicly active for some time. The laws, however, have continued to evolve and affect people in unintended ways. So over t...
Read more