Eligere Investments

Last updated
Eligere Investments plc
Type Public
Founded2013;8 years ago (2013)
DefunctApril 2020 (2020-04)
Fate Liquidation

Eligere Investments plc was a company that traded in environmental services such as the generation, provision and distribution of voluntary carbon offsets. The company received a warning from the UK's Financial Conduct Authority that it may be providing financial services or products in the UK without authorisation. [1] The company became insolvent in 2017 and was liquidated in April 2020. [2]

Contents

History

As of October 2014, William Redford is the company's chief executive officer. [3] [4] [5]

The company was formerly traded on the GXG Market in Denmark but trading in the company's shares was suspended by GXG in early June 2015. [6]

Following a reorganisation in April 2015, the ordinary shares of Eligere Investments were 67% owned by Kijani Resources Limited, a special purpose vehicle of the Kijani Commodity Fund that is a segregated portfolio of the Brighton Segregated Portfolio Company (SPC) based in the Cayman Islands. [3] On 1 June 2015, the Cayman Islands Monetary Authority announced that Brighton SPC had been placed in Controllership following a forensic examination of the fund by accountants. The controllers now have complete authority over the fund in order to protect the interests of investors and creditors. [7]

The UK's Financial Conduct Authority has warned that Eligere may be providing financial services or products in the UK without their authorisation. [1]

See also

Related Research Articles

Euronext Dublin Irish stock exchange

Euronext Dublin is Ireland's main stock exchange, and has been in existence since 1793.

ICICI Bank Indian private sector bank

ICICI Bank Limited is an Indian multinational financial services company with its registered office in Vadodara, Gujarat, and corporate office in Mumbai, Maharashtra. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. The bank has a network of 5,275 branches and 15,589 ATMs across India and has a presence in 17 countries.

eToro Social trading and multi asset brokerage company

eToro is an Israeli social trading and multi-asset brokerage company that focuses on providing financial and copy trading services. It has registered offices in Cyprus, the United Kingdom, the United States, and Australia. In 2018, the company's value was $800 million which tripled to $2.5 billion in 2020.

Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, in order to meet specified investment goals for the benefit of investors. Investors may be institutions, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment contracts or, more commonly, via collective investment schemes like mutual funds, exchange-traded funds, or REITs.

A segregated portfolio company, sometimes referred to as a protected cell company, is a company which segregates the assets and liabilities of different classes of shares from each other and from the general assets of the SPC.

EQTEC PLC is a bioscience energy company operating in the United Kingdom and Ireland which was established in 2005.

1Malaysia Development Berhad Insolvent development company embroiled in scandals

1Malaysia Development Berhad is an insolvent Malaysian strategic development company, wholly owned by the Minister of Finance (Incorporated).

Metro Bank (United Kingdom)

Metro Bank plc is a retail and commercial bank operating in the United Kingdom, founded by Anthony Thomson and Vernon Hill in 2010. At its launch it was the first new high street bank to launch in the United Kingdom in over 150 years. It is listed on the London Stock Exchange.

GXG Markets

GXG Markets was a European Regulated Market which operated a securities market focusing on SME companies by operating a three-tier market structure with an OTC (Over-the-counter) segment called GXG First Quote, a multilateral trading facility (MTF) called GXG Main Quote and a Regulated market called GXG Official List.

Cayman Islands company law National economic law

Cayman Islands company law is primarily codified in the Companies Law and the Limited Liability Companies Law, 2016, and to a lesser extent in the Securities and Investment Business Law. The Cayman Islands is a leading offshore financial centre, and financial services form a significant part of the economy of the Cayman Islands. Accordingly company law forms a much more prominent part of the law of the Cayman Islands than might otherwise be expected.

The House Crowd

The House Crowd was a UK peer to peer lending and crowdfunding platform that allowed people to invest in bridging loans and property development loans from £1,000. In 2018, the business achieved authorisation from the Financial Conduct Authority and launched their Innovative Finance ISA. As of January 2019, The House Crowd had funded 368 properties, raised over £93 million and paid investors returns in excess of £38 million. The House Crowd was placed into administration on 24 February 2021.

Belvedere Management is a financial services group based in Mauritius that claims to have $16 billion of assets under administration. In March 2015, Offshore Alert described the group as a Ponzi scheme and it is currently under investigation by regulators in South Africa, Mauritius and Guernsey. The allegations remain unproven.

David Dawson Cosgrove is an Irish businessman whose Belvedere Management group claimed to have $16 billion of assets under administration. In 2016 he was barred from serving as an officer of any company regulated by the Mauritius Financial Services Commission (FSC) for a period of 5 years and the funds he managed were liquidated.

Somers Limited is an investment holding company based in Hamilton, Bermuda. Its shares are traded on the Bermuda Stock Exchange.

Richard Joseph Fagan is a businessman who created the Kijani Commodity Fund in 2011, later embroiled in a $16bn Ponzi scheme probe. Fagan has never been charged in relation with the probe. He is a shareholder in Kijani Resources Ltd.

William Francis Redford is a British businessman. He is the chief executive, since October 2014, of Eligere Investments plc, a company formerly traded on the GXG Market in Denmark.

Fulhold Pharma

Fulhold Pharma is a British pharmaceutical company. It produces the patented CarboHydrate Derived Fulvic Acid (CHD-FA) and formulations containing this product.

Fund governance refers to a system of checks and balances and work performed by the governing body (board) of an investment fund to ensure that the fund is operated in the best interests of the fund and its investors. The objective of fund governance is to uphold the regulatory principles commonly known as the four pillars of investor protection that are typically promulgated through the investment fund regulation applicable in the jurisdiction of the fund. These principles vary by jurisdiction and in the US, the 1940 Act generally ensure that: (i) The investment fund will be managed in accordance with the fund's investment objectives, (ii) The assets of the investment fund will be kept safe, (iii) When investors redeem they will get their pro rata share of the investment fund's assets, (iv) The investment fund will be managed for the benefit of the fund's shareholders and not its service providers.

The Kijani Commodity Fund is the largest cell within Brighton SPC, a Cayman Islands based fund. The fund had positive returns for investors in 49 of the 51 months it was trading, which was attributed to strategies such as commodity trading arbitrage. It was seized by Cayman authorities for an inability to verify its assets in June 2015.

Octagonal is a holding company headquartered in London. The company is listed on the London Stock Exchange and is a constituent of the FTSE AIM All-Share Index. Octagonal currently has a 100% stake in Global Investment Strategy UK Ltd or 'GIS', a financial services company and member of the London Stock Exchange.

References

  1. 1 2 Eligere Investments PLC. Financial Conduct Authority, 27 April 2015. Retrieved 9 June 2015.
  2. "Companies house profile". Companies House. Retrieved 21 July 2020.
  3. 1 2 Eligere Investments Plc: Director Appointment, Conversion of Loan Notes, Acquisition, and Details of Substantial Shareholder. GXG Markets, 2 April 2015. Retrieved 3 June 2015.
  4. Eligere Investments Plc: Changes to Substantial Shareholdings. Archived 2015-06-04 at the Wayback Machine London Stock Exchange, 31 October 2014. Retrieved 3 June 2015.
  5. William Redford. Bloomberg Business. Retrieved 3 June 2015.
  6. Danish stock exchange suspends two Belvedere Group issuers. David Marchant, Offshore Alert , 4 June 2015. Retrieved 9 June 2015.
  7. Another Belvedere limb severed as Cayman authorities take control of Brighton SPC. Alec Hogg, BizNews.com, 2 June 2015. Retrieved 3 June 2015.