Directors of failed Weavering fund found guilty of neglect by Cayman court

Fri Sep 2, 2011

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Hans Ekstrom and Stefan Peterson, former directors of the defunct Weavering Macro Fixed Income Fund, have been found guilty of wilful neglect or default in the discharge of their duties by the Grand Court of the Cayman Islands.

The judgment comes two-and-a-half years after the fund entered liquidation amid revelations that it was reliant on a large interest rate swap position with a company related to the fund manager, London-based Weavering Capital.

PwC’s 2009 review concluded that Weavering Macro’s balance sheet value of $506 million was almost entirely dependent in the value of a series of swap positions totalling $637 million.

These had been struck with Weavering Capital Finance, which was not only a related company but also one that lacked the value necessary to support...

ISSN: 2151-1845 / CDC10004H

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