Regulator in Mauritius sought help from Central Bank in its investigation into offshore hedge fund Fagan’s commodity fund Kijani Resources, which went into liquidation last year, and Mr Cosgrove’s Belvedere Management Group have been at the centre of an international storm for months amid allegations that both form part of an elaborate $16bn Ponzi scheme. […]

Belvedere Management Group fund vehicle Brighton SPC has been taken over by the Cayman Islands Monetary Authority following the completion of a “forensic examination”. As at 1st June 2015 the Cayman Islands Monetary Authority (“the Authority”) appointed David Alexander Kenneth Walker and Simon Richard Conway (“the Controllers”) of the firm of PwC Corporate Finance & […]

Back ground The allegations against Belvedere were first made in OffshoreAlert back in early March. The Miami-based publication claimed to have uncovered “one of the biggest criminal financial enterprises in history”. There were suggestions that billions of dollars were at risk in what was a web of fraudulent activity. Despite the size of the alleged […]

Offshore fund group Belvedere Management, which claims to have $16 billion of assets under administration, management and advisory, appears to be one of the biggest criminal financial enterprises in history, headed by David Cosgrove, Cobus Kellermann and Kenneth Maillard, OffshoreAlert can reveal. IT IS not certain if or to what extent investors have been bilked, […]

Results of investigations by financial regulators into the alleged Belvedere Ponzi scheme are starting to emerge. Investigative journalist David Marchant ofOffshoreAlert says they confirm his report that South African Cobus Kellermann and Irishman David Cosgrove have been running “a massive criminal enterprise”. Kellermann and Cosgrove have not commented on the latest allegations , either to the officials […]

Johannesburg – The SA Revenue Service (SARS) started looking at the controversial investment company Belvedere Management Group months ago, Netwerk24 reported on Wednesday. Cape Town money manager Kobus Kellerman –  one of two SA kingpins behind the Belvedere Ponzi scam Cape Town money manager Cobus Kellermann – one of two SA kingpins behind the Belvedere […]

The Guernsey Financial Services Commission (FSC) on Friday successfully applied to place three fund vehicles with ties to Belvedere Management under administration. The Guernsey court granted the application to place the Global Mutual Fund PCC Limited, Worldwide Mutual Fund PCC Limited and Universal Mutual Fund Limited under the care of an independent administrator. The three […]

IT IS not certain if or to what extent investors have been bilked, or who has done the bilking. Indeed, it is hard to establish very much at all, given the complexity of the case: authorities in the Cayman Islands, Guernsey and Mauritius are all looking into it and a South African financial regulator is […]