Investment Funds – Financial Services Regulation

Werksmans has been the lead attorneys acting for the principals of the Belvedere Group who are accused of administering the world’s largest Ponzi scheme by the press. These allegations have triggered investigations by the financial services regulators in Mauritius, Guernsey, the Cayman Islands and South Africa. Pending the finalisation of the investigations, a number of assets have been frozen and a number of the Belvedere Group entities have been temporarily barred from providing investment and other services. The team has been involved in dealing with regulators across the globe, assisting shareholders and preparing analyses of relevant laws. Further, Werksmans represented the principles of the Belvedere Group at various enquiries, advised on and prepared the documentation to implement a number of transactions (including sales and cessions of assets) to ameliorate or, at least, mitigate against the losses sustained by our the Belvedere Group and those associated with the Belvedere Group.