(CMR) The Cayman Islands Monetary Authority has canceled the mutual fund license of Obelisk Global Fund SPC due to the Fund being unable to meet its obligations, mismanagement, and breaches of the Mutual Fund Act.
In a Decision Notice published 31 May, CIMA stated that the Fund is or is likely to become unable to meet its obligations as they fall due and that the Fund has contravened the Act.
The Notice went on to state that the direction and management of the Fund has not been conducted in a fit and proper manner.
In relation to its management, the Notice also stated that Lawrence Winfield Sifton and Matthew Yiu Kong Ho are not fit and proper persons to hold a position as a director, manager, or officer of a regulated mutual fund; and Jazeb Matthew Jones is not a fit and proper person to hold a controlled function.
According to obeliskglobal.com, Obelisk Global is an investment platform engineered to develop bespoke investment and white label products utilizing its relationships with proven regulated Asset Managers throughout Europe, Asia, North America and Latin America.
The Obelisk group has been before the Cayman Islands Grand Court over the last two years, starting in 2020 when two investors alleging they were owed $448,333 in unpaid loans successfully petitioned Obelisk Capital Management Ltd. into liquidation, Offshore Alert reported.
In 2021, the liquidators applied for a Receiver to be appointed over Obelisk Global Gold Focus Fund, but the application was denied on a technicality even though the judge and the Fund itself acknowledged that it was insolvent, Offshore Alert reported.
A separate application to force Obelisk Global Gold Focus Fund into receivership was filed less than two months ago by an investor who claimed she could not redeem her $600,000 investment, according to Offshore Alert.