Notice - Enforcement Action - Sagehi Equity Fund Ltd. (2025-05-09)

Summary

This is a public notice from the Bermuda Monetary Authority describing enforcement action taken against Sagehi Equity Fund Ltd., an institutional fund registered under the Investment Funds Act 2006. It explains that the BMA petitioned the Supreme Court of Bermuda to wind up the Fund and that a winding-up order was subsequently granted, following the appointment of joint provisional liquidators.

• Timeline: BMA petitioned to wind up the Fund on 28 November 2024; joint provisional liquidators were appointed 20 December 2024; the Supreme Court granted the winding-up order on 28 February 2025.
• Grounds for action: Failure to appoint a fit and proper investment manager, failure to appoint an auditor, failure to appoint an appropriate custodian, and failure to conduct business prudently resulting in impaired assets and inability to pay debts as they fell due, all in breach of the Investment Funds Act 2006 minimum criteria for licensing.
• Contact for enquiries: Questions about the Fund or the liquidation should be directed to the joint provisional liquidators, Mathew Clingerman and Dylan Marshall of Kroll Bermuda Limited.

This notice is informational and relates specifically to Sagehi Equity Fund Ltd.; it does not impose new ongoing obligations on other regulated entities, but serves as a public record of the BMA's enforcement rationale and outcome.

Applies to

mutual funds, institutional funds, investment fund service providers