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SFO defends Weavering decision

By International Adviser, 13 Sep 11

The Serious Fraud Office has defended its decision to abandon an investigation into Weavering Capital.

The Serious Fraud Office has defended its decision to abandon an investigation into Weavering Capital.

As International Adviser reported last week, the Grand Court of the Cayman Islands found two directors at the company guilty of “wilful neglect”, in relation to the collapse of the Cayman-incorporated Weavering Macro Fixed Income Fund in 2009.

Stefan Peterson and Hans Ekstrom were each ordered to pay $111m in damages to the fund’s liquidators, in what was hailed as a “landmark judgement” by legal professionals.

After considering its evidence, however, the SFO concluded that there "was not a reasonable prospect of conviction."

Defending its failure to prosecute, the SFO said: “A comparison has been made by others between a court action in the Cayman Islands and the SFO decision to close its investigation.

“It should be pointed out that the Cayman Islands court action was a civil case where the burden of proof is lower than it is in a criminal prosecution. It does not follow that a ruling and award of damages in a civil action provides a certainty that a criminal case of fraud can be proved.”

Tags: Serious Fraud Office

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.