Coincidental with the “termination with cause” by LFP I SICAV SIF (the “Fund”) of the appointment of its former external manager Alter Domus Management Company (“Alter Domus”) on 19 February 2019, the Luxembourg financial regulator (the “CSSF”) has accepted to register the Fund as alternative investment fund manager (“AIFM”) under article 3(2)(b) of the Luxembourg AIFM law, effective 20 February 2019, hence authorizing the Fund to be internally managed by its board of directors (the “Board”) going forward.
The causes for terminating Alter Domus’ AIFM mandate include:
(i) the withholding of information and documents relating to investments of the Fund (including contracts and bank statements) – now subject to legal proceedings initiated by the Board,
(ii) their refusal to remedy errors in the calculation of the NAV of Columna Commodities or to compensate Columna Commodities forultra-vires payments to third parties,
(iii) their refusal to provide information relating to the status of certain assets of Blackstar Commodities (in liquidation) and
(iv) [the delays and obfuscation re NAV and investment processes for the Equity Power sub-fund, while never having visited any real estate assets since 2015.
Additionally, the audit of the Fund’s 2017 accounts has finally been completed thanks to the involvement of the new Board (despite having only been appointed in November/December 2018) and the audited accounts will now be submitted for approval to the shareholders during an AGM to be held on 26 February 2019 in Luxembourg.
pp LFP I SICAV SIF SA 22 February 2019