With the growing strain on media company business models, the e-mailed interview has become widely used by over-stretched journalists. I hate it. And you will see why by the response of Messrs Cobus Kellermann and David Cosgrove to questions they requested from me. This is the only form through which they were prepared to engage. To be fair, given their predicament, you can’t blame them. For some months already, business interests of these two South Africans have been under investigation. Kellermann has been summonsed by the Guernsey Financial Services Commission; its Mauritian equivalent has already acted against Cosgrove’s outfit and South Africa’s FSB said yesterday it has been investigating the duo’s operations here and is working with foreign counterparts to look into the offshore businesses. Capping it all, former business partners are rushing to put as much distance as possible between themselves and the duo. Here are the answers provided this morning by Kellerman and Cosgrove. To provide balance, I refrained from commenting on the other answers, but as the timeline here is critical, Kellermann’s statement saying he only acted when the “media storm” burst requires challenging. I spoke to Armitage on Saturday morning. He called Kellermann immediately and told him about our conversation. Changes were made to the Clarus website on Saturday afternoon/Sunday. By Sunday evening Kellermann had not responded to request for comment to my draft article sent on Saturday morning. He had plenty of time to speak to us but chose not to. As a result we published on Sunday night. The “media storm” broke on Monday morning. – Alec Hogg
What is Cobus Kellermann’s relationship with deVere CEO Nigel Green?
Currently Cobus has no relationship with Nigel Green.
And with UAM?
Cobus was an employee of UAM.
How much money flowed into UAM from deVere?Â
No money flowed into UAM from deVere
Why did the relationship between Kellermann and Green break down?
Kellermann resigned from UAM on 30 April 2012, which resulted in the termination of their professional relationship.
It is reported that Nigel Green owned UAM until mid 2012 – is this so?
We cannot answer this question on behalf of Nigel Green.
Nigel Green/deVere claim to have been defrauded by Belvedere. Why would they claim this?
We cannot answer this question on behalf of Nigel Green.
During this period Cobus Kellermann was named as the fund manager. Is this so?
During Cobus Kellermann’s employment by UAM, UAM was fund manager for approximately 15 funds. Please clarify which fund, what period and which company is being referred to
What happened to UAM after June 2012?
Please refer question to UAM
What is the status of UAM today?Â
We have no active knowledge regarding UAM’s current status
DeVere claims that it helped OffshoreAlert to “expose” Belvedere – what is its motive?
We cannot answer on behalf of deVere, please refer the question to them.
Is there any shareholding relationship between Nigel Green/deVere with Belvedere/Kellermann/Cosgrove?
No
What was Cobus Kellermann’s relationship with Julian Williams and Herman Pretorius?
It is a mere co-incidence that Herman and Cobus stayed in the same suburb. Cobus Kellermann has no links with Herman. Kellermann met him once – per chance – at a social function. He did not know who he was at the time.
Julian Williams was a professional acquaintance.
Why did Belvedere/Kellermann inject Basileus assets into BK One?Â
Belvedere did not inject Basileus assets into BK One.
How were these assets valued?
The Listing Prospectus for BK One sets out relevant details.
Please explain the timing of Kellermann’s sale of shares in BK One straddling the day when the homicides of Williams and Pretorius occurred?
Kellermann did not sell shares in BK One. A fund managed by Ankh, when Kellermann was a director of Ankh, gave instructions to sell instruments a day or two before Williams and Pretorius died.
CLARUS:Â
Why was Kellermann’s name – and that of Peter Armitage – removed from the Clarus website after my draft article was sent?
Peter Armitage phoned Kellermann when the media storm broke and asked for his name to be removed.* (see context above)
MET CI now claims that Clarus was sold to Contego in mid 2014. If so, was this made known to unit holders in the eight Clarus unit trusts?
No. It was not as this is not required by law. It was made known to the FSB as required by law.
What is the relationship between Clarus/Kellermann and Anchor Capital?
Please refer to the SENS announcement on the Anchor Capital website.
Do any of the Clarus funds/Kellermann-managed funds own Anchor Capital stock?
No.
When did Kellermann resign/hand over his responsibility as portfolio manager of the MET CI Global Feeder Fund?Â
This is in the process of being handed over to Contego Asset Management.
Why are so many Dynamic Wealth “old boys” employed by Clarus?
To the best of my knowledge there is currently one Clarus employee who was previously employed by Dynamic Wealth.
How much of a role does David Cosgrove play at Clarus?
None.
What is/was the relationship between Clarus and Belvedere?
There is no formal legal-ownership relationship. There is no flow of funds between Clarus and Belvedere. When explaining options the attached organogram was used. 
What is/was the relationship between Clarus/Belvedere and MitonOptimal?Â
None at present, but Kellermann was previously employed by MitonOptimal.
Why was Mauritius selected as the domicilium for Belvedere?
It was chosen for tax benefits and at that time the friendly investment policy of the Mauritian government.
Why did the Mauritian authorities issue warnings against Lancelot and Four Elements?
In the course of a routine visit, when explaining how Lancelot and Four Elements operated, the authorities raised concerns that they would not be able to trace all the underlying beneficial owners/investors in the funds. The FSC was not satisfied with so called reliable introductory certificates from other institutions verifying the beneficial owners. The FSC wanted to find out who are the beneficial owners themselves which was not practical for us, for instance Friends Providence International may invest on behalf of clients as a custodian and the underlying investors are subject to confidentiality.
Have you appealed against these businesses being closed down?Â
No and they are “under administration” by PWC.
Marchant says the Kijani Commodity Fund was shut down in Mauritius then re-opened in Cayman? Your comment.
The decision was taken to disinvest investors in Mauritius and to re-invest investors in the Cayman Islands because:
1) Cayman Islands’ tax rate is 0% and Mauritius is 3%;
2) Mauritius is not a member of FATF, while Cayman Islands is;
3) Mauritius is not a member of AFIM.
Please explain how it is possible for Kijani to have never had a losing month since launching four years.
No comment can be provided here. The independent investment advisors for Kijani Commodity Fund, Straffan Asset Management Ltd in the UK, can comment on this.
Please explain the background to the raid on the London offices of CWM FX?
CWM FX must comment on this.
Marchant made a specific mention of a property in Stellenbosch that is in Kwanda and Achilles. How do you respond to his question that the property initially valued at R45m is now worth R73m?
The property in Stellenbosch is held in the Kwanda African Growth Fund, the independent investment advisors for Kwanda African Growth Fund must comment on this.
What is Marchant’s motive in making the allegations that Belvedere is a massive criminal business?
This question should be redirected to Marchant himself.
Why are so many Belvedere entities seemingly always mired in scandal?
No comment; feel free to clarify.
What is your definition of a Ponzi scheme?
When new incoming investors’ funds are used to pay existing investors’
Do any Belvedere entities offer investors a fixed rate of return?Â
Belvedere Management Ltd does not offer investors a fixed rate of return.
Why is Marchant wrong when he describes Belvedere as a Ponzi scheme? Â
No incoming investors’ funds are used to pay existing investors’ returns.
Where does Belvedere draw its inflows from?
Globally.
GENERAL:
The Biznews.com website was the subject of a cyber attack after the first Kellermann/Clarus articles started appearing. Do you have any knowledge of why this would be so?
No.
Cosgrove is reputedly extremely wealthy today. Has he settled with any of the clients who were hurst by his actions during his mCubed days? Has he repaid any of the R140m fine that mCubed had to pay the SARB/SARS because of his actions?
Cosgrove has never been sanctioned in any way by any authority.
Did Kellermann matriculate at Linden High (as his fund sheet CV states) or DF Malan High in Bellville?
Linden High.
Please comment on this specific allegation made by Marchant: “They set up hundreds of hedge funds and most of the hedge funds (or possibly, all of them) were operated by other people, who went forth into the world raising money from investors, and they were very successful. They’ve raised a minimum of hundreds of millions of Dollars (probably billions of Dollars) and it all went into structures created by Belvedere Group. Money was kicked up to Belvedere and many of these funds (possibly all of them) were involved in fraud. At the end of the day, you’re just talking about a transfer of money from thousands of investors around the world, into the pockets of Cosgrove, Kellermann, Maillard, and others.”
These defamatory comments are not consistent with how Belvedere operates.
What is the context of the meeting Kellermann has been summoned to by the Guernsey authorities?
Kellermann has just received a letter from the Guernsey Financial Services Commission informing him of an inquiry, but which further prohibits him from revealing anything about the inquiry.
Please comment on why so many of the former business associates of Kellermann/Cosgrove (MitonOptimal; Anchor Capital; MET CI; deVere) are doing their very best to distance themselves from the duo and Belvedere?
Redirect to relevant parties but we suspect because of unfounded allegations.
* Click here to read the “back story” and access links to all the Biznews.com coverage of the Belvedere saga.
