shareholder information and updates concerning Blackstar Commodities 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 1") 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 Mark Stephens, on the basis of a letter of commitment that he signed with Luxembourg Fund Partners on
11 November 2x11, then launched February 2012, following the granting of the Luxembourg financial regulator's (hereafter “CSSF”)
approval for this sub-fund on 17 Jaxxxary 2012.
Blackstar Capital Partners Sarl, represented by Mark Stephens and Daniel McGrath, became Investment Advisor in 2012. Based on the
investment advice of Blackstar Capital Partnaers, LFP I would invest in several commodity financing projects worldwide, which
will be subject to final investment decisions by the AIFM.
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February 2012: Blackstar Commodities fund launched with 36 month ramp-up period.
Mar 2012 - Mar 2013: Blackstar Commodities fund invested over $2.1 million into gold trader Rochoet in New York.
Rochoet paid US$ 24k in commissions to Blackstar Capital Partners Sarl, undeclared...
April 2013: Apex Fund Services (Malta) Limited becomes shareholder in Luxembourg Fund Partners SA,
under the direction of CSSF, and also provides two directors to AIFM.
April 2013: Blackstar Commodities fund invested € 230k into sister fund LFP 1 - Saxum Resources Fund.
12 April 2013: CSSF writes to directors raising concerns about use of Hong Kong company World Accord Ltd., and why Rochoet New York had
cancelled its commodity trading and redeemed in full its investment.
June 2013: Blackstar Commodities fund invested € 300k into Cayman-based Kijani Commodity Fund.
Kijani paid US$ 21k in commissions to Blackstar Capital Partners Sarl, undeclared...
Suspended by Cayman authorities in June 2015, resulting in total loss to Blackstar Commodites fund.
Sep 2013/May 2014: YAS Investments, Investment Advisor to Columna Commodities fund, paid US$ 29k in commissions to
Blackstar Capital Partners Sarl.
Oct 2013/Mar 2015: World Accord invested US$ 2.16 million into Mir Alliance in UK for a gas oil.
Mir Alliance paid at least US$ 97k in commissions to Blackstar Capital Partners Sarl, undeclared...
December 2013: Blackstar Commodities fund redeems investment in sister fund LFP 1 - Saxum Resources Fund before year-end accounts.
17 March 2014: World Accord invested US$ 610k into Mexico iron ore deal with Ankaa Commodity.
Investment wired over 7 months in tranches, never a return of capital/profits on short-term financing facility.
Total loss to Blackstar Commodites fund. Loss not reflected until 2016 accounts.
4 September 2014: World Accord invested US$ 234k into Mexico copper concentrate deal with Bustillos.
Investment wired directly to Bustillos in Mexico, not Regen that was managing the trade.
Bustillos paid US$ 5k in commissions to Blackstar Capital Partners Sarl, undeclared...
Total and immediate loss to Blackstar Commodites fund. Loss not reflected until 2016 accounts.
2014: Blackstar Commodities fund pays € 37k dividends to shareholders, despite concealing 25% loss of NAV.
2 July 2015: PWC Luxembourg 2014 audited accounts for LFP 1 released, Blackstar Comodities shows no impairment to value,
even though 100% subsidiary World Accord had realised losses of US$ 980k or 25% of NAV and had
accrued interest on irrecoverable loans.
17 August 2015: World Accord invested US$ 1 million into Capricorn Commodity in Australia for commodity trading.
Funds were returned and legal fees repaid, but no interest paid to date.
2015: Blackstar Commodities fund pays €54k dividends to shareholders, despite concealing 17% loss of NAV and
accruing interest on irrecoverable loans.
Jan 2016/Mar 2017: World Accord invested € 300k into Smart Oil in UK for a gas oil.
Mir Alliance paid at least US$ 202k in commissions and fees to Blackstar Capital Partners Sarl.
6 April 2016: World Accord loan invested € 400k into Arkistruct, a modular home company in Australia majority owned by McGrath.
The loan defaulted immediately, and after partial return of capital the balance remains as at August 2020 approx. $235k plus interest.
1 March 2016: CSSF write to directors noting that as at 30 September 2014 World Accord Ltd.
represented 68.20% of the fund, and as at 30 September 2015 56.70% of the fund, a direct
breach of diversification rule 07/309 limiting any one investment to 30% of the fund.
(In fact 7 sub-funds of LFP I were in breach of diversification rules).
15 March 2016: Blackstar Commodities invested into Blackstar Finance Limited in Hong Kong, which on-lent NZ$ 600k to a New
Zealand company (Daniel McGrath is CEO).
The loan was repaid 1 year later, no interest paid to date.
28 October 2016: PWC Luxembourg 2015 audited accounts for LFP 1 released, Blackstar Commodities shows no impairment to value
except reference to Kijani investment,
even though 100% subsidiary World Accord had concealed realised losses of US$ 980k or 17% of NAV and had even
accrued interest on irrecoverable loans.
2016: Blackstar Commodities incurs 20,862 shares redeemed during the year, 43% of all shares outstanding.
20 February 2017: World Accord invested US$ 643k again into Mexico iron ore deal with Ankaa Metals.
Investment wired over 8 months in tranches, never a return of capital/profits on short-term financing facility.
Total loss to Blackstar Commodites fund.
May 2017: The LFP 1 directors suspend the NAV of Blackstar Commodities due to realised losses in World Accord, some carried
forward from 2014 ($ 980k, 25% of Blackstar NAV), and from 2016 ($1.1 million, 31% of Blackstar NAV).
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25 July 2017: PWC Luxembourg 2016 audited accounts for LFP 1 released, Blackstar Commodities shows only impairment to value
of Kijani investment, even though 100% subsidiary World Accord had concealed realised losses of US$ 2.1 million
or 60% of NAV and had even accrued interest on irrecoverable loans.
May 2018: Intel Suisse's Mapley pressured Alter Domus Management Company with questioning about past conflicts and failings.
September 2018: Under pressure, all directors of LFP 1 resign, calling an EGM with intent on a judicial liquidation.
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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 1 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 1 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.
9 January 2019: LFP 1 appointed Mapley and Fedeles as directors of World Accord Ltd., in Hong Kong. Directors Stephens and McGrath are
suspended with immediate effect.
31 January 2019: World Accord EGM of shareholders removed Stephens and McGrath as directors.
31 January 2019: C-Clerc S.A. is appointed as auditor to LFP 1.
8 February 2019 LFP 1 EGM of Blackstar shareholders resolved to trigger the liability of the directors re. Blackstar Commodities
concerning investments made, and to place the fund into liquidation with Mapley and Fedeles the liquidators.
Blackstar Capital Partners, the invited Investment Advisor, decline to attend and brief the EGM as to its recent activities.
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.
May 2019 Former director and investment advisor Mark Stephens confirms, in a phone conversation with director Fedeles, that
he controls 75,000 tonnes of iron ore of Blackstar Commodities fund in Mexico, worth approx. US$ 7 million at current
market prices.
4 June 2019 Former director and investment advisor Mark Stephens confirms, through his legal counsel, that he controls 75,000
tonnes of iron ore of Blackstar Commodities fund in Mexico, worth approx. US$ 7 million at current market prices.
1 May 2020: LFP I transferred domiciliation agent to SFL S.A.
3 December 2020: LFP I files a mismanagement claim against Alter Domus Management Company SA re Blackstar Commodities.
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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 Equity Power Fund. 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 Blackstar Commodities 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
(3/12/20) LFP I files against Alter Domus over Blackstar Commodities
(14/9/20) Financial Times - Luxembourg financial watchdog sharpens teeth after criticism
(19/4/20) Investment Officer - CSSF fails to enforce fund regulation
(6/3/20) LFP I Press Release - LFP sues custodian Quintet for €8 million of EPF 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
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