shareholder information and updates concerning Aventor Fund |
This webpage aims at informing the public with respect to the asset recovery process and at communicating general shareholder information. Even if the directors pay careful attention to the quality of published information, they can neither guarantee expressly, nor implicitly that available information is accurate, current and complete.
LFP I SICAV SIF S.A. (hereafter "LFP i") is a public limited company incorporated on 12 February 2010 by the
company Luxembourg Fund Partners S.A. (now Alter Domus Management Company S.A.), (hereafter "AIFM") and
qualified as a société d'investissement a capital variable - fonds d'investissement spécialise under Luxembourg
law governed by the amended law of 13 February 2007 relating to specialised investment funds (hereafter
the "FIS Law"). The AIFM was responsible for the management of the portfolio of LFP I.
This sub-fund was initiated by Jeffrey Lipton, introduced by Mark Stephens of Blackstar Commodities fund,
then launched August 2013, following the granting of the Luxembourg financial regulator's (hereafter
“CSSF”) approval for this sub-fund on 4 April 2013.
Finite Management Sarl, represented by Jeffrey Lipton and Andrew Peat, became Investment Advisor of
Aventor in 2013. Due diligence failed to find the public warnings of C$ 230 million fraud involving
Lipton at a previous venture New Solutions Financial Corp. Based on the investment advice of Finite
Management, LFP I would invest in several trade finance financing opportunities, secured by credit insurance,
which will be subject to final investment decisions by the AIFM.
April 2013: Apex Fund Services (Malta) Limited becomes shareholder in Luxembourg Fund Partners SA,
at direction of CSSF, and also provides two directors to AIFM.
August 2013: Aventor Fund launched with 12 month ramp-up period.
May 2014: First Technical Default of loan made to RMP Capital.
December 2014: First Technical Default of loan made to PWCS, second technical default of RMP loan.
Dividends paid to shareholders despite 80% of Aventor now in default.
NAV at € 100.00, 75% of assets breaching diversification rules, yet in default.
1 Half 2015: 4 further technical defaults of RMP loan, 4 further technical defaults of PWCS loan.
2 July 2015: PWC Audited accounts for LFP I issued, no qualification nor statement about multiple
defaults of RMP and PWCS loans in Aventor (80% of Aventor), loan maturities stated as 12 months,
not actual 5-year maturity.
2 Half 2015: Final technical default of RMP loan, 3 further & final technical defaults of
PWCS loan.
4 Quarter 2015: LFP I Director Stephens sets up Blackstar Capital Group in Hong Kong to acquire
and manage assets involving RMP and 2 Cayman funds.
December 2015: Dividends paid to shareholders despite 74% of Aventor now in default.
NAV at € 100.00, 74% of assets breaching diversification rules.
1 January 2016: Blackstar Capital Group/Stephens announce purchase of companies managing/
holding RMP assets.
16 February 2016: Stephens (LFP I director) and McGrath of Blackstar Group become directors
of Investment Advisor Finite Management.
1 March 2016: CSSF write to directors noting that as at 30 September 2015 RMP represents 44.02%
and PWCS represents 38.76% of the fund, a direct breach of diversification rule 07/309 limiting
any one investment to 30% of the fund.
(In fact 7 sub-funds of LFP 1 were in breach of diversification rules).
April/May 2016: Law suits filed in New York, USA by companies managed by Stephens and McGrath,
against RMP Capital, for fraud pertaining to calamitous losses of investments.
Aventor NAV held at € 100.00 per share.
June 2016: Last dividend paid to shareholders, Aventor NAV held at € 100.00 per share.
2 August 2016: Blackstar Capital received € 14.6k from PWCS, yet no interest paid to Aventor.
September 2016: Directors write to Tokio Marine re credit insurance for RMP, over 2 years since
first technical default - discover policy has lapsed due to non-payment of premium, therefore not effective.
Write-off of RMP, NAV reduced to € 55.25 per share.
28 October 2016: PWC Audited accounts for LFP I issued, impairment of RMP in notes to accounts,
yet assets shown at full value in accounts.
31 October 2016: Directors suspend NAV, backdated to June 2016. Not announced until December 2016.
Pre-September 2018: No monies recovered from RMP nor PWCS loans.
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17 September 2018: Mapley and Fedeles were elected by shareholders of LFP I with a mandate of recovery of assets and monies and
to render the LFP I operational. This appointment took effect after CSSF approval of their role as directors.
23 November 2018: Tudor Fedeles is approved by the CCSF to act as a director of LFP 1.
7 December 2018: Director Mapley is approved by the CCSF to act as a director of LFP 1.
Christopher Sinclair and
Alter Domus appointee Jonathan Lepage resigned as directors, with immediate effect.
7 December 2018: European Fund Administration S.A. resigned as administrator, registrar/transfer agent and domiciliation
agent to LFP 1, with 3 months notice.
11 December 2018: PWC Luxembourg resigned as auditor to LFP 1.
12 December 2018: KBL resigned as custodian and depository bank to LFP 1, with notice up to 31 March 2019.
13 December 2018: Alter Domus Management Company S.A. resigned as AIFM to LFP 1, with 3 months notice.
14 December 2018: LFP I EGM of shareholders for all fund compartments, resolved to trigger the liability of the
directors in Columna Commodities re investments made in 2013/14. Independent Director Jacque Bossuyt is confirmed as a director.
21 December 2018: LFP I filed a civil complaint against Alter Domus Management Co. for recovery of LFP I documents, AIFM
procedures etc..
2 January 2019: Totalserve Management (Luxembourg) S.A. is appointed as domiciliation agent to LFP 1.
31 January 2019: C-Clerc S.A. is appointed as auditor to LFP 1.
20 February 2019 The AIFM of LFP I was terminated with cause for lack of cooperation, and the current
directors assumed control of the investment processes of LFP I, after regulator’s approval.
26 February 2019 LFP 1 AGM of shareholders for all fund compartments, the Annual accounts as prepared by PWC Luxembourg
were rejected by shareholder due inaccuracies re bank balances that had simple been carried forward and not updated.
12 March 2019: Directors Mapley and Fedeles issue a management report to shareholders with overview
of Aventor Fund.
25 March 2019: An EGM of shareholders was convened, and inter alia a resolution to distribute € 700,000
back to shareholders was approved, and subsequently transacted.
8-11 April 2019: Director Mapley meets with Cayman liquidators of related Lipton/Stephens funds in
order to investigate the RMP Corporation fraud in Aventor.
15 April 2019: Director Mapley confirms with credit insurer Tokio Marine re faulty credit insurance
structure for RMP Capital investment.
10 June 2019: Directors issue an NAV Calculation Error, restating all NAV's per share for 20156 at
zero. Reimbursement of 2016 redemptions of € 713,028.17 to be requested from Alter Domus Management Co.
28 June 2019: Mr. Marc Meyers formally accepts the appointment as judicial expert with the scope defined in
the Court of Appeal’s decision of 30 April 2019.
2 July 2019: Me Donald VENKATAPEN confirms the availability for a meeting on 9 July 2019, insisting
on the fact that some documentation will be provided, but most of relevant documents will have to
be requested to the former AIFM of the LFP I SICAV SIF SA (the “Fund”), i.e. ALTER DOMUS MANAGEMENT
COMPANY (“ADMC”). To date, we do not have any evidence of any exchange between Mr. Meyers and AMDC and/or any
provider of the Fund.
8 July 2019: Mr. Meyers is provided by Me Anne Mertens with the entire documentary evidence of the
court proceedings.
9 July 2019: Following Mr Meyers’ appointment by court, a preliminary meeting was organized with two
of LFP directors, the Fund’s lawyer and the Quantum Leben legal representatives at Mr Meyers’ office.
Mr Meyers was spontaneously presented with a report compiled by the directors together with a cash
flow analysis spreadsheet based on the available bank statements of Aventor.
Given his judicial power, he was asked for inquiries into (1) the insurance related to the two failed
investments and (2) into the missing bank statements from Societe Generale as previously rebuffed
by the service providers. Points (1) and (2) would be comprised in the court ordered mission letter
to Mr Meyers under the following points:
« comment et sur base de quels documents a été évaluée la validité des polices d’assurance et
des garanties souscrites par le Fonds censées protéger les investissements dans les sociétés
cibles du Fonds »
« quels sont les mécanismes de contrôle et les procédures de gestion des risques mis enplace..»
« les mécanismes de contrôle et de garantie mis en place par le Fonds en conformité avec le
prospectus du Fonds.. »
« les rapports émis par l’AIFM concernant la gestion des risques »
« toute la documentation …relative aux investissements du Fonds »
10 July 2019: Mr. Mapley sent the following documents/information to Mr. Meyers: (i) cash flow analysis,
(ii) history of service providers of the Fund (iii) an extensive report on Aventor.
10 July 2019: Mr Meyers acknowledges receipt of these documents provided by Mr Mapley and asks the
board to keep all parties (i.e. the parties’ legal advisors) in copy.
16 July 2019: Donald Venkatapen provides Mr Meyer two Aventor memoranda issued by Luxembourg Fund
Partners S.A. (currently Alter Domus Management Company S.A.) : dated 26 September 2016 and 5 December
2016.
17 July 2019: Donald Venkatapen provides Mr Meyers with the information that LFP I SICAV SIF was
removed from the official list of investments funds on the 3rd of July.
26 July 2019: Mr Meyers’ office sends the fund the invoice as established by court, total € 35,100.
5 August 2019: Directors Mapley files a police complaint against RMP Corporation with Suffolk County, New York police.
14 August 2019: Directors Mapley and Fedeles meet with FBI Financial Crimes Unit in Washington DC and presents
RMP fraud of US$ 3.2 million for analysis. New York FBI Office to follow up.
27 August 2019: LFP 1 filed and CSSF approved the invoice.
12 September 2019: Mrs. Bastin confirms that the advance on the expert’s fees has been paid.
17 September 2019: Tudor Fedeles provides Mr Meyers and the other parties with a draft of the civil
complaint against PWC and the board’s comments.
3 October 2019: The legal advisor of LFP 1 sends 3 lists of documents in the Funds possession and the list
of documents demanded from the AIFM in the summary proceedings lawsuit and from the former depositary bank
in the civil lawsuit and asked for an update form the expert. No response from the expert, who is aware
of the full list of documents in possession of Me Venkatapen.
15 October 2019: Me Mertens asked again for an update related to the case. No response from the expert.
16 October 2019: LFP Legal Advisor JP Noesen files a civil complaint agaunst PWC Luxembourg alleging
wrongdoing, seeking damages of € 5,850,000
4 November 2019:LFP I Legal Advisor Donald Venkatapen asked again for an update related to the case.
No response from the expert.
5 November 2019: The judicial expert sends a list of questions and requests for specific documentation from
the legal advisor of the fund copying the other party. The expert insists on the importance to have notably
access the accountancy and all banking statements of the Fund. He further confirms that he will hold meetings
in November and December and prepare a preliminary report for 12 December 2019.
6 November 2019: Tudor Fedeles sends an email to ask for updates related to his mandate for Aventor. No
response from the expert.
12 November 2019: The legal advisor of LFP 1 replies to the queries raised by the judicial expert and provides once
again with the list of documents in fund’s possession, while requesting copies of formal requests of the
expert to service providers.
19 November 2019: CSSF commences investigation into credit insurance failings of Aventor Fund.
19 November 2019: The legal advisor of LFP send the statements of account to Mr. Meyers via We transfer. Ms
Bastin acknowledges receipt.
19 November 2019: The legal advisor of LFP informs Wirtz Law on the communication of the statements of account.
3 December 2020: The legal advisor of LFP writes email to Mr Meyers to ask for updates on the interim report
that was due for December 2019.
10 January 2020: Tudor Fedeles reaches out to Wirtz Law to ask for updates as Mr Meyers did not reply. Me
Celine Reymond of Wirtz Law replies saying that she called him and asked if a timeline can be provided. None
is provided to the board.
13 January 2020: The legal advisor of LFP writes email to Mr Meyers to ask for updates on the interim report
that was due for the December, 12 2019.
4 February 2020: The legal advisor of LFP writes email to Mr Meyers to ask for updates and that he is starting
to have serious concerns about his mandate as an expert and the lack progress of his mission.
6 February 2020: Mrs. Bastin sends a letter to the fund’s legal advisor (without copying tthe directors)
acknowledging lack of progress due to internal reorganizations and proposes resignation or a request for
further delays.
21 February 2020: The board is made aware of an email sent by one Aventor shareholder requesting for updates.
3 March 2020: Tudor Fedeles writes another email to Mr Meyers to ask for updates.
4 March 2020: Ms Reymond of Wirtz law sends the fund a list of questions and also mentions they “have been
chasing the expert on their side too.”
4 March 2020: The fund’s legal representative informs the board that Mr Meyers will resign from his appointment
due to shortage of staff to finalise the appraisal.
5 March 2020: Mr Meyers sends an email to the board and parties stating that his mandate will resume “asap”.
Given the delays incurred, the board of LFP asks Mr Meyers to maintain his resignation and return the funds
in full.
9 March 2020: Index of documents received from Alter Domus Management Company and the supporting documentation
of the two claims filed is provided to the other party upon request.
10 March 2020: The judicial expert is made aware from a board’s letter that some documents from the former
AIFM are in the Fund’s possession. The index of documents had already been provided by the fund’s legal
advisor twice on October 3 and November 12, 2019.
30 April 2020: EGM of Aventor shareholders held by E-conference. Amended financial statements for 2017
issued taking into consideration NAV Calculation Error as notified to the CSSF. Financial statements
for 2018 to be issued within 3 weeks. Dostribution of € 300,000 to shareholders approved.
1 May 2020: LFP I transferred domiciliation agent to SFL S.A.
30 June 2020: The judicial expert has still not returned the € 35,100 despite repeated requested
from the directors for return of funds.
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The directors have instigated the following civil actions resulting from their fraud investigations and the regulatory/service provider
failings of the Aventor Funds. No reference can be made to any criminal complaints or money laundering complaints,
as per regulations and prevailing laws :-
The following articles are some of the press coverage concerning the fraud investigations and regulatory/service provider
failings of the Aventor Fund :-
(18/12/20) Lux Times - Investors sue CSSF for not protecting against losses
(11/12/20) LFP I files against Luxembourg regulator CSSF for gross negligence
(23/10/20) CSSF sued for gross negligence, € 100 million damages sought
(14/9/20) Financial Times - Luxembourg financial watchdog sharpens teeth after criticism
(19/4/20) Investment Officer - CSSF fails to enforce fund regulation
(19/3/20) The Luxembourg walls that seem to shelter financial fraud
(6/3/20) LFP I Press Release - LFP sues custodian Quintet for €8 million of losses
(25/2/20) Paperjam - La CSSF dans le viseur des administrateurs d’un fonds
(24/2/20) Financial Times - Luxembourg regulator accused of failing to protect investors
(30/1/20) Luxembourg Times - Law firm A&O told to drop client over conflict of interest
(6/12/19) LFP I Press Release - LFP sues ex-directors, administrators over Aventor Ponzi scheme
(12/11/19) Luxembourg Times - LFP sues PWC over Aventor Ponzi scheme audits
(17/1/19) International Adviser - Investment firm takes fund manager battle to Luxembourg court
(10/9/18) International Adviser - Investigator steps up pressure on scam Sicav fund
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