Gregory King, the Scottish businessman behind one of Europe’s biggest hedge fund failures, has been declared bankrupt after failing to repay investors millions of dollars.
CVR’s Adrian Hyde, the Special Administrator of Advalorem Value Asset Fund, has been appointed trustee in the personal bankruptcy and is quoted in The Wall Street Journal;
“After a lengthy period of proceedings, we can now begin the process of tracing and realizing Mr King’s assets for the benefit of his creditors.”
“This has ultimately ended with a judgement that shows that Gibraltar will not tolerate its companies being used as vehicles for fraud and will deal appropriately with culprits.”
The Wall Street Journal were unable to reach Mr King for comment on Monday’s ruling and he did not have legal representation at the hearing.
To see The Wall Street article ‘Financier Behind Hedge-Fund Failures Is Declared Bankrupt’ in full click here