Belvedere turns Regulator’s bland letter into a well spun victory.
Yesterday, Belvedere issued a statement claiming the no-further-action decision exonerates Cosgrove and Kellermann, proving their innocence.
Yesterday, Belvedere issued a statement claiming the no-further-action decision exonerates Cosgrove and Kellermann, proving their innocence.
Among the biggest challenges in a democracy is the differing speeds at which its two bulwarks operate.
Last time Alec Hogg chatted with David Marchant, he totted up Belvedere-related losses to around R4bn, in his opinion just the tip of the iceberg.
Alec Hogg looks at why the news flow has slowed since the sensational disclosures in March around the Belvedere Ponzi scheme.
After authorities took over and froze Belvedere’s funds in Mauritius and Guernsey last month, yesterday its Cayman Islands operation suffered the same fate.
Kellermann has at least 13 classic cars worth an average of R1m a piece in a warehouse. Five are Ferraris – a Testarossa, two 355 GTS’s and two 348 TS’s.
Belvedere Buster David Marchant was vindicated by a lengthy affidavit and over 1 000 supporting documents from the Guernsey Financial Services Commission.
Now comes a sad part when forensic investigators get inside the crumbling Belvedere empire. To borrow from Churchill, this is just the end of the beginning.
Guernsey Financial Services Commission today blocked the Belvedere duo’s attempt to sever a tentacle, rejecting the “unilateral surrender of the licence”.
A dynamite affidavit from the Guernsey Financial Services Commission shows how the Belvedere kingpins committed the worst crime a money manager can commit.