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Whistle-Blowers Sparked Probe at Trade-Finance Fund Firm Barak

Whistle-Blowers Sparked Probe at Trade-Finance Fund Barak Bloomberg 3 days ago Nishant Kumar © Bloomberg Figures are displayed on an electronic stock board at the Stock Exchange of Thailand (SET) in Bangkok, Thailand, on Friday, June 22, 2018. (Bloomberg) Auditors are probing whistle-blower complaints about Barak Fund Management as the firm seeks approval to restructure a $1 billion trade finance fund that’s left investors stuck with hard-to-sell assets. Popular Searches Some employees lodged complaints with the Mauritius-based investment firm last year, according to people familiar with the matters. Two raised concerns about the quality of collateral linked to some loans that it made, while another warned about the overvaluation of some assets, said the people, who asked not to be named because the details are private.

UPDATED with Barak response: SA s Barak Fund crumbles in Greensill fashion

Australian banker Lex Greensill’s Greensill Capital, a start-up that provided short-term cash advances and spun off its loans into bond-like securities has filed for insolvency protection. This after bondholders Credit Suisse stopped investors from moving money in or out of $10bn in supply-chain investment funds when Greensill lost coverage from credit insurers. Backers such as German municipalities and Japan’s SoftBank stand to lose billions. Now South Africa’s Barak Fund, which has a strikingly similar business model to Greensill, is crumbling too, according to the Bloomberg article below. – Melani Nathan Another trade finance fund implodes in echoes of Greensill

Alec Hogg: R15bn knock for investors in SA Greensill called Barak

Alec Hogg shares his rational perspective on Barak Fund Management, ‘investors, many from SA, have injected over R15bn into Barak’. Alec Hogg shares his rational perspective on Barak Fund Management, investors, many from SA, have injected over R15bn into Barak . This article is exclusive to Biznews Premium. Members please login here. Not yet subscribed? Taste before you eat by signing up here for a half price 30 day trial (card details required). Cyril Ramaphosa: The Audio Biography Listen to the story of Cyril Ramaphosa s rise to presidential power, narrated by our very own Alec Hogg.

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