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 Barclays, BNP May Have $300 Million Loss on K1 Funds 又地震了 |
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playboy007
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作者：playboy007 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Oct. 30 (Bloomberg) -- Helmut Kiener, the K1 Group hedge- fund firm founder arrested earlier this week, may have duped Barclays Plc out of as much as $240 million and BNP Paribas SA out of $60 million, according to the warrant for his arrest.
Kiener may have channeled almost $220 million from Barclays to funds he controlled and contrary to investment agreements, according to the arrest warrant issued by a court in Wurzburg, Germany and obtained by Bloomberg News. The money is “for the most part” gone, according to the document. A separate deal with Barclays generated about $20 million of management fees for Kiener, the document shows.
K1 Group is at the center of an international criminal investigation after saddling banks, which include JPMorgan Chase & Co. and Societe Generale SA, with about $400 million of losses, people with knowledge of the probe said. European and U.S. authorities are investigating whether K1, which manages funds of hedge funds, deceived the banks while seeking money to ratchet up its investments, according to the people, who declined to be identified because the investigation isn’t public.
The warrant shows prosecutors suspect Kiener diverted bank money through an international network of firms that he controlled, allowing him to divert money into Florida real estate while feeding funds back into his firm.
BNP’s Investment
A court in Wurzburg, Germany, yesterday ordered Kiener to be held in custody following his Oct. 28 arrest as part of an investigation into allegations of fraud and breach of trust.
A spokeswoman for Munich-based law firm Lutz Libbertz, which represents Kiener, said his lawyers will file a request for release. She said the firm will comment in detail on the allegations later.
BNP exposure stems from a $60 million investment starting in April 2007, according to the warrant. Kiener may have also deceived BNP when receiving management fees, the warrant said, without specifying an amount.
BNP Paribas’s spokeswoman Carine Lauru declined to comment on the amount. The Paris-based company has said it’s cooperating with authorities.
Barclays spokesman Daniel Hunter declined to comment.
Calls to the court and to prosecutors in Wurzburg seeking comment weren’t answered today.
Spread Broadly
Kiener contacted Barclays in 2005, arranging for the bank to put money in a trust set up a year later, according to the document. The trust would be managed by X1 Fund Allocation GmbH, which was run by Kiener.
Barclays and Kiener agreed that the investment had to be spread broadly and that no money could be put in funds also managed by X1 or related companies, the warrant shows. Kiener didn’t intend to adhere to the rules and instead channeled the money to his two British Virgin Island-based funs, K1 Invest Ltd. and K1 Global Ltd., the warrant says.
For that, he allegedly put the money from Barclays in three funds called Nauticus I, Nauticus J and Silverback, making it look as if they were outside funds. Though these funds claimed to be run by someone else, they were in fact controlled by Kiener, the document shows. These funds fed the money almost completely back to K1 by buying stakes in K1 Invest and K1 Global, according to the court document.
Planes, Helicopter
Other Barclays funds were diverted through a network of Cayman Island-based companies, the warrant shows. The money was used to acquire two planes and a helicopter. Kiener planned to rent one aircraft to business people, while also posting it as collateral for a $26 million loan from Credit Suisse, of which $13 million went to K1 Invest, the document shows.
The second plane and the helicopter didn’t have a commercial flight charter, making them unfit as an investment, the warrant said. Kiener wanted to use them for himself, the documents claimed.
Some money was allegedly also channeled to acquire two properties in Miami, helping Kiener to support his “luxury lifestyle,” the warrant said.
Part of BNP’s investment was used to pay back money to Barclays and thus “calm” Barclays managers, the warrant says. A share was also used for property in Aschaffenburg, Germany, Kiener’s home town.
To contact the reporter on this story: Karin Matussek in Berlin at [email protected]; Jann Friedrich Bettinga at [email protected].
作者：playboy007 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 Barclays, BNP May Have $300 Million Loss on K1 Funds 又地震了 -- playboy007 - (4356 Byte) 2009-11-01 周日, 20:13 (1671 reads)
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