At the end of 2016, the directors of the Columna Commodities Fund, which ‘officially’ invested in a range of commodity-linked assets, wrote to investors to tell them it had suspended redemptions due to a failure to liquidate two of its core holdings.
The bulk of the money invested in the fund had been loaned to a Hong Kong-based private company called Global Hill Corporation, which was wholly-owned by Columna.
Global Hill subsequently loaned the money on to a series of other companies around the world. As yet, none of the funds have been returned to investors.
“After discussions with many Columna investors, we have decided to spearhead a task force to recover money from Columna Commodities Fund, using investor group strength,” Mapley said in a statement.
“With many years’ experience of cross-jurisdictional investment funds, we see terrible issues with the running of this fund, notwithstanding the underlying embezzlement,” he said.
Intel-Suisse has set up a website portal to update and inform investors in the fund as developments take place.