Mauritius suspends licence of another Kellermann/Cosgrove offshoot

By Neo Khanyile

(Bloomberg) — Mauritius’s Financial Services Commission said it suspended the license of RDL Management Ltd. to provide mutual-fund services.

RDL is part of Stonewood Holdings Ltd., which has $16.5 billion of global funds under its administration services and management, according to the website of Ebene, Mauritius-based RDL. Stonewood is owned by David Cosgrove, who looks after the international businesses, and Cobus Kellermann, who oversees the South African operations.

Johan Theron, a Cape Town lawyer representing Cosgrove and Kellermann, said in an e-mailed response to questions that he will discuss the matter with Cosgrove later on Monday.

RDL must immediately cease any activity relating to collective investments, while still remaining subject to the obligations of its license and FSC directives, the regulator said in a statement on its website. South Africa’s Financial Services Board said on March 27 that it’s helping regulators in Mauritius and Guernsey investigate the local affairs of Cape Town-based Kellermann and his associates.

The FSC announcements come after OffshoreAlert, a Miami- based website, reported on March 17 about alleged irregularities tied to companies controlled by Stonewood, including Belvedere Management Ltd., a fund manager and investment advisory company. Kellermann and Cosgrove deny any wrongdoing and will cooperate fully with relevant authorities if needed, Theron said last week.

RDL, Belvedere

The FSC on March 20 said it revoked the license of two mutual funds tied to RDL and Belvedere and placed them into the care of administrators, without giving more details. The regulator said it won’t comment beyond statements posted on its website.

Kenneth Maillard, the managing director of Belvedere, didn’t immediately return a call left with his office seeking comment. A receptionist at RDL referred queries on RDL to Cosgrove and wasn’t able provide contact details for him.

RDL listed four funds under its control on its website. Four Elements PCC, Two Seasons PCC, Lancelot Global Fund and Venture Assets PCC.

* Click here to read the “back story” and access links to all the coverage of the Belvedere saga.

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