Kijani Commodity Fund
 | A major contributor to this article appears to have a close connection with its subject. (September 2016) |
| Company type | SPC |
|---|---|
| Headquarters |
The Kijani Commodity Fund is the largest cell within Brighton SPC, a Cayman Islands based fund. The fund had positive returns for investors in 49 of the 51 months it was trading, which was attributed to strategies such as commodity trading arbitrage.[1] It was seized by Cayman authorities for an inability to verify its assets in June 2015.[2]
History
[edit]Kijani mean green in Swahili and was described as "the commodity equivalent of fair trade coffee" in 2011.[by whom?] The fund marketed to individual investors in Asia and the Middle East, investing in gold, oil and timber. Early on, it received $5 million in seed capital from billionaire Nadhmi Auchi, which was used for trading gold in Ghana.[3]
In 2014, it was re-domiciled to the Cayman Islands to attract UK investors.[4] The Cayman Islands Monetary Authority (CIMA) placed Brighton SPC in controllership following a forensic examination by PricewaterhouseCoopers.[5][6] The audit found that the fund's only asset was a commercial loan to its primary company, Kijani Resources.[5][6] The Kijani Commodity Fund had voluntarily suspended its trading activities since March 2015.[5]
In June 2015, Kijani had more than $130 million in managed assets which were seized by Cayman authorities.[7] In October 2015, CIMA announced that Brighton SPC had been placed in liquidation by PricewaterhouseCoopers.[1][8]
References
[edit]- ^ a b Cairns, Patrick (6 May 2015). "Kijani assets scrutinised". Moneyweb. The Citizen. Retrieved 4 July 2016.
- ^ Denham, Katherine (30 June 2015). "Belvedere-owned Kijani funds go into liquidation". International Adviser. Retrieved 4 July 2016.
- ^ Patrick, Margot (3 August 2015). "Investigation of Seized Hedge Fund Highlights Risks". The Wall Street Journal. Retrieved 4 July 2016.
- ^ Dew, Laura (28 January 2015). "Top-performing commodities fund moves domicile to target UK investors". Investment Week. Retrieved 4 July 2016.
- ^ a b c Cairns, Patrick (2 June 2015). "Kijani update: Brighton SPC placed in controllership". Moneyweb. Retrieved 4 July 2016.
- ^ a b Robertson, Benjamin (6 April 2015). "Funds marketed in Hong Kong linked to Belvedere fraud probe". South China Morning Post. Retrieved 4 July 2016.
- ^ Browne, Clayton (4 August 2015). "Kijani Fund Seized As Belvedere Management Probe Expands". Value Walk. Retrieved 4 July 2016.
- ^ Adviser, International (2015-06-30). "Belvedere-owned Kijani funds go into liquidation". International Adviser. Retrieved 2022-08-25.