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La Vallette Funds SICAV plc sets up the Multi-Manager Property Fund, a fund that invests in real estate property outside the UK and Europe, and licensed as a “Professional Investor Fund which is available to investors qualifying as Experienced Investors.” The manager of the fund is Valletta Fund Management and its custodian is parent company Bank of Valletta. Its other owner, Insight Management – HBOS’s investment arm – is advisor on the fund.
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UK’s Evening Chronicle reports failure of £150 million Newcastle United FC takeover by the Belgravia Group, whose past disappointments include losing a £1m investment in Glow Telecom after it went into administration; while its other interest, Unofon, nearly brought about the demise of the Norwegian Speed Skating federation when it only paid £50,000 of an agreed £200,000 sponsorship deal.
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BOV issues custodian report for Belgravia European Property Fund, claiming that the fund had been managed according to investment rules [which limited gearing to 100%] when Belgravia European Property Fund has a gearing of 400%.
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166,422 shares are redeemed for the year-end as at 30 September 2006 from the multi-manager property fund.
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BOV, as custodian, issues certificate certifying the La Valletta Funds SICAV plc has been managed in compliance with the investment rules and MFSA licence conditions. At this point, Belgravia Group has not even filed its 2006 accounts with the Jersey financial regulator.
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3 million shares are redeemed for the year-end at 30 September 2007 from the property fund.
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Belgravia Group file 2006 audited accounts with Jersey Financial Services Authority, revealing that loans of the Belgravia European Property Fund were double what it had in assets (208% gearing ratio). The SICAV’s rules limited investments in firms with a 100% gearing ratio: i.e loans and debts not higher than their assets.
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UK bank Northern Rock taken into state ownership.
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Bank of Valletta, Valetta Fund Management and Valletta Fund Services ‘attempt’ to withdraw investments from Belgravia European Property Fund, without success.
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Belgravia suspends dealings in Belgravia European Income Property Fund.
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BOV, VFM and VFS suspend redemptions in La Valletta Sicav Multi-Manager Property Fund with a net asset value of €1.071 per share.
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he Jersey Financial Services Commission announces a criminal investigation of senior managers at Belgravia and that the fund group has gone into liquidation. The JFSC say “true and correct value of investments of suspended funds cannot reasonably be ascertained by Belgravia fund managers.”
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Fannie Mae and Freddie Mac are renationalised by the US government.
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Lehman Brothers file for Chapter 11 bankruptcy.
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Valletta Fund Management issues circular to shareholders saying that temporary suspension in trading in Belgravia funds happened “following recent death of Duncan Hickman, founder and chairman of Belgravia.”
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Valletta Fund Management issues circular to shareholders saying “there are no further significant developments to report in the underlying investments other than those communicated on 27 October, 2008.”
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Sicav accounts show 14 million shares are redeemed for the year-end at 30 September 2008 from the property fund, including the entire shareholding of one of the Sicav’s directors. No reference is made to the JFSC investigation, but VFM refers to Belgravia as being “temporarily managed” by Deloitte & Touche, who are actually court appointed liquidators.
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Valletta Fund Management issues circular to shareholders reporting “positive developments” but do not mention Jersey criminal investigation.
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Belgravia Group’s Russell King, a senior representative of the Qadbank offshore company that owns Notts County football club, has £1.9 million in assets frozen by the Jersey courts over unpaid debt.
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The UK Guardian reports that Russell King’s gardener lost £200,000 in a Belgravia fund after being promised a 20-25% interest.
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Belgravia Group files 2007 and 2008 audited accounts with Jersey Financial Services Authority, revealing that loans of the Belgravia European Property Fund were now 12 times its assets, (1268% gearing ratio).
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Bank of Valletta issues, for the third time, a clean certificate confirming that the property fund was compliant with its investment restrictions during the year ended September 2009.
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La Valletta Funds Sicav plc report that Belgravia European Logistics Fund cannot publish a price per share as at 31 December 2009.
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Property fund shareholders told estimate of the fund is net asset value of €0.51c per share, of which only 26.9c per share could be redeemed.
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Finco Treasury Management files judicial protest holding BOV responsible for €50 million loss in property fund assets.
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New judicial protest from 170 investors reiterate claims against BOV and allege that ‘abnormal withdrawal’ of 14 million shares in 2008 could have meant select group of clients knew of Belgravia bust while BOV was still collecting investments in the fund.
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Bank of Valletta and its subsidiaries Valletta Fund Management and Valletta Fund Services file counter-protest in court today claiming they are not to blame for the deterioration in the value of the property fund, which it says was largely due to the global financial meltdown and that it was transparent with its shareholders.
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Finco replies to BOV counter-protest, claiming the bank's reply confirms that BOV knew it was investing in the Belgravia European Property fund, which by their own admission, had a 400% gearing ratio - raising questions about the first custodian report for 11/12/2006 that claimed that the fund had been managed according to investment rules [which limited gearing to 100%].