The Bermuda Monetary Authority has announced that the Supreme Court of Bermuda ordered the winding-up of Sagehi Equity Fund Ltd, following the Authority’s petition under the Investment Funds Act 2006. The fund, registered as an Institutional Fund on 19 January 2011, was the subject of a winding-up petition filed on 28 November 2024. The court appointed Mathew Clingerman and Dylan Marshall of Kroll Bermuda Limited as joint provisional liquidators with immediate effect on 20 December 2024, and granted the winding-up order after a hearing on 28 February 2025. The Authority cited multiple breaches, including failures to appoint a fit and proper investment manager, an auditor, and an appropriate custodian, and a failure to conduct business in a prudent manner that resulted in impaired assets and an inability to meet liabilities and pay debts as they fell due.
Bermuda Monetary Authority 2025-05-09
Bermuda Monetary Authority secures court order to wind up Sagehi Equity Fund after Investment Funds Act breaches
The Bermuda Monetary Authority announced that the Supreme Court of Bermuda ordered the winding-up of Sagehi Equity Fund Ltd under the Investment Funds Act 2006. The court appointed Mathew Clingerman and Dylan Marshall of Kroll Bermuda Limited as joint provisional liquidators. The Authority cited breaches, including failures in appointing key roles and conducting business prudently, leading to impaired assets and inability to meet liabilities.