shareholder information and updates concerning Columna 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 1 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 Aaron Pacitti and Stefan Gustafsson, as an identical fund to Blackstar Commodities fund, on
the basis of a letter of commitment that he signed with Luxembourg Fund Partners on
11 November 20x1, then launched August 2013, following the granting of the Luxembourg financial regulator's (hereafter “CSSF”)
approval for this sub-fund on 17 January 20x3.
YAS Investment Sarl, represented by Aaron Pacitti, his wife Yana Pacitti, and Stefan Gustafsson, became Investment Advisor
and main distributor of Columna in March 2013. Based on the investment advice of YAS Investment, LFP I would invest in several commodity trade finance projects worldwide, which
will be subject to final investment decisions by the AIFM.
May 2012: Anuj Ghosh is 25% founder of Blackstar Capital Sarl in Luxembourg, advisor to Blackstar Commodities
sub-fund (with 2014- LFP I director Mark Stephens et al.).
2H2012: Aaron Pacitti, Rhys Harriott, Stefan Gustafsson (Swedish national working in Spain), working with Anuj Ghosh
at the same UK pension investments firm, quit to set up Columna Commodities fund (almost identical to Blackstar
Commodities sub-fund, even with Hong Kong subsidiary to be set up..).
December 2012: www.columnafund.com registered.
February 2013: Investment target Megahan House set up as subsidiary in HK of Megahan House in Spain, with Swedish
national Karen Hedenquist as director.
April 2013: Apex Fund Services (Malta) Limited became shareholder in the AIFM Luxembourg Fund Partners SA,
at direction of CSSF, and also provided two directors to AIFM.
May 2013: Investment target Pyxus Refinery set up in Spain, with Karen Hedenquist as director.
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August 2013: Columna Commodities Fund launched with 36 month ramp-up period.
September 2013: LFP I subsidiary Global Hill Corporation was set up in HK, only YAS personnel are directors, with full control of
the company and the bank accounts.
November 2013: First Columna Commodities investment in Megahan House, via Global Hill Corporation.
All subsequent Megahan investments made via Global Hill Corporation.
June 2014: First Columna Commodities investment in Pyxus Refinery, via Global Hill Corporation.
All subsequent Pyxus investments made via Global Hill Corporation.
August 2014: BStar (a Swiss Company with director/owner Walter Bizzarri) collateral agreement with 100% share pledge -
made to Global Hill Limited (a separate company in existence in HK), no address or company number given in documents,
hence totally inapplicable and defective.
September 2014: First investment into BStar by via Global Hill Corporation - ABN Amro transfers money to Bstar Swiss Asset
Manager Ltd. in UK, with no contract or agreement in place between Columna and Swiss Asset Manager.
2015: APWB Trading DMCC in Dubai (AP = Aaron Pacitti, WB -= Walter Bizzarri), with Aaron Pacitti and Rhys Harriott
marketed Columna to investors.
April 2015: Societe General Luxembourg became depository bank and custodian for LFP I. ABN Amro continues to
operate Global Hill bank account, however.
1 April 2015: CSSF wrote to the directors requesting details of the portfolio and investments in the fund and
the Hong Kong subsidiary Global Hill Corporation Limited, as well as detail all unrealised profits.
July 2015: First marketing of high commission BStar loans to Columna investors by APWB Trading, Anuj Ghosh et al.
Funds directed to subsidiary Swiss Asset Manager in UK.
31 October 2015: BStar transferred ownership of Swiss Asset Manager Ltd. in UK to Walter Bizzarri.
November 2015: ABN Amro directed US$ 1.8 million to Swiss Asset Manager's new bank account in UK.
December 2015: Swiss Asset Manager changes bank account again, to Czech Republic. ABN Amro continues to transfer
investment monies for BStar to Swiss Asset Manager, now owned solely by Bizzarri (total US$ 22.7 million in 2016)
January 2016: Christophe Lentschat of Apex resigned as Conducting Officer and Director of Luxembourg Fund Partners.
March 2016: European Fund Administration replaced Apex as administrator of LFP 1.
April 2016: Karen Hedenquist resigned from Pyxus Refinery.
May 2016: Karen Hedenquist resigned from Hegahan Trade House, Spain, which is liquidated.
June 2016: LFP I directors imposed liquidity test on investments, with 3-year ramp-up period ending in August 2016.
July 2016: www.columnafund.com removed all references to LFP 1 directors.
Jul/Oct 2016: Monthly redemptions doubled, quadrupled, then octupled as insider trading occurs.
August 2016: ABN Amro transferred Global Hill Corporation bank account to SocGen, having directed US$ 47.3 million
into Swiss Asset manager in UK.
Sep/Oct 2016: After Columna signed investment agreements with Bizzarri-owned Soyuz Trust and Bantou Capital in Switzerland, SocGen transferred
US$ 8.95 million of investments to Bizzarri's companies in Slovakia, with identical names but Czech IBANs.
November 2016: LFP 1 Directors suspended the NAV process, and future subscriptions and redemptions for Columna.
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December 2016: Peter Hughes of Apex resigned as Director of Luxembourg Fund Partners.
16 February 2017: Columna Commodities Fund placed into liquidation.
22 February 2017: LFP 1 files a complaint against its subsidiary Global Hill Corporation for recovery of € 48 million.
December 2017: Private Equity/Real Estate fund specialists Alter Domus group acquired AIFM Luxembourg Fund Partners SA,
renaming it Alter Domus Management Company SA.
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.
10 December 2018: Mapley and Fedeles appointed directors of Global Hill Corporation in HK.
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 I 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.
19 December 2018: LFP I filed a civil complaint against former Directors Leleux, Burger, Reynaux, alleging management wrongdoings
concerning the first investments of € 500,000.
21 December 2018: LFP I filed a civil complaint against Alter Domus Management Co. for recovery of LFP I documents, AIFM
procedures etc..
27 December 2018: At an EGM of shareholders of Global Hill Corporation in HK, Pacitti, Pacitti and Gustafsson are removed as directors with immediate effect.
2 January 2019: Totalserve Management (Luxembourg) S.A. is appointed as domiciliation agent to LFP 1.
31 January 2019: C-Clerc S.A. is appointed as auditor to LFP 1.
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.
22 February 2019: LFP 1 directors issued an NAV Calculation Error notice under CSSF Circular 02/077, re-stating the NAV's
for 30 June 2016 - 31 October 2016 at zero, re-designating any subscribers as creditors, and to seek re-imbursement of
paid out redemptions of € 5,560,078 from Alter Domus Management Co.
25 February 2019: LFP I filed a civil complaint against former custodian bank Société Générale Luxembourg for breach of
depositary bank contract, over US$ 8.95 million of Columna investments sent to the wrong companies and bank accounts,
ref. Bantou Capital and Soyuz Trust.
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.
7 March 2019: Amicorp S.A. is appointed as administrator and registrar/transfer agent to LFP 1.
16 April 2019: LFP I filed a civil complaint against Alter Domus Management Co., for breach of AIFM contract, claiming
damages of € 48,000,000.
16 December 2019: LFP I filed a civil complaint against former Directors Leleux, Burger, Reynaux, Fuchs, Stephens for breach
of fiduciary duty, claiming damages of € 48,000,000.
18 December 2019: LFP I filed a civil complaint against former custodian bank ABN Amro, for breach of contract,
claiming damages of € 8,824,000.
16 January 2020: LFP I received a favourable judgement against Allen & Overy, its former lawyer, to cease to represent
Alter Domus Management Co.
(appealed by Alter Domus Management Company and still undecided).
22 January 2020: LFP I added to an earlier civil complaint against former custodian bank Société Générale, increasing
the damages claim to US$ 47 million.
1 May 2020: LFP I transferred domiciliation agent to SFL S.A.
22 June 2020: LFP I added to a civil complaint against former custodian bank ABN Amro, for breach of contract, increasing the
damages claim to US$ 37.55 million.
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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 Columna 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
(23/10/20) CSSF sued for gross negligence, € 100 million damages sought
(14/9/20) Financial Times - Luxembourg financial watchdog sharpens teeth after criticism
(22/6/20) Columna claim against ABN Amro filed for US$ 37.55 million
(19/4/20) Investment Officer - CSSF fails to enforce fund regulation
(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
(30/1/20) Luxembourg Times - Law firm A&O told to drop client over conflict of interest
(22/1/20) LFP I Press Release - LFP increases Columna claims against Socgen to $47 million
(2/1/20) LFP I Press Release - LFP sues ex-directors for €53 million Columna losses
(18/12/19) LFP I Press Release - LFP sues ABN Amro over $10 million Columna losses
(26/4/19) Expert Investor - LFP sues Alter Domus, for $55 million over Columna
(18/4/19) Reuters - LFP sues Alter Domus, for $55 million over Columna
(19/4/19) Delano - LFP sues Alter Domus, for $55 million over Columna
(28/1/19) Press report - LFP sues SocGen, ex-custodian, for $9 million
(17/1/19) International Adviser - Investment firm takes fund manager battle to Luxembourg court
(10/9/18) International Adviser - Investigator steps up pressure on scam Sicav fund
(20/8/18) Expert Investor - Columna fund investigator calls for Lux. regulator action
(30/7/18) International Adviser - Failed Columna fund sets up task force
(20/7/18) Expert Investor - Failed Columna fund targetted by financial investigator
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