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Wednesday, October 23, 2013

Taiwan Investor Headed To Luxembourg For BSI Documents Involving Madoff-Linked Funds

Swiss banks that invested their clients' money in Madoff feeder funds were sued in the United States by Irving Picard last year, as part of his efforts to compensate fraud victims. Forbes reports that a Taiwanese investor brought suit recently, in Hong Kong, asking for documents including those showing Swiss bank Banca Del Gottardo's due diligence in connection with investment of client funds in the largest of the Madoff feeder funds.

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Per www.forbes.com:

Russell Flannery, Forbes Staff

10/23/2013


A Taiwanese investor who tried to obtain potentially embarrassing documents in a Hong Kong court tied to the possible sale of Bernie Madoff-linked funds by a wealth management arm of Generali Insurance of Italy is expanding that effort to Luxembourg, according to sources familiar with the matter.

Lee Cheng Chung filed a summons in Hong Kong High Court in June asking Generali units BSI SA Hong Kong branch and BSI Luxembourg to produce documents that would show that Hong Kong regulators permitted the sale of the Fairfield Sentry Fund, a Madoff feeder fund, in the former British colony, and that Banca del Gottardo and Fairfield had an agreement covering the sale of Fairfield Funds by Banca del Gottardo.
Lee’s summons also asks BSI to turn over documents showing that he had authorized Banca del Gottardo to provide consulting services to him and that Banca del Gottardo had performed due diligence on Fairfield Funds.
Banca del Gottardo was acquired by Generali in 2008 through its wholly owned subsidiary, BSI.

For more, see: http://www.forbes.com/sites/russellflannery/2013/10/23/taiwan-investor-headed-to-luxembourg-for-bsi-documents-involving-madoff-linked-funds/

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