Winding Up - Sagehi Equity Fund Ltd. (2025-05-09)

Summary

This is a public enforcement notice from the Bermuda Monetary Authority announcing that the Supreme Court of Bermuda has ordered the winding up of Sagehi Equity Fund Ltd., an Institutional Fund registered under the Investment Funds Act 2006. It is informational, describing completed regulatory and court action rather than imposing new ongoing requirements on the wider industry.

• Petition and appointment: The BMA petitioned to wind up the Fund on 28 November 2024; joint provisional liquidators from Kroll Bermuda Limited were appointed on 20 December 2024, and a winding up order was granted on 28 February 2025.
• Breaches cited: Failure to appoint a fit and proper investment manager (section 14(1)(b) and MCL), failure to appoint an auditor (section 14(1)(b)), failure to appoint an appropriate custodian (section 14(1)(c)), and failure to conduct business prudently leading to impaired assets and inability to pay debts (section 4A(2) and MCL paragraphs 1 and 2).
• Contact for enquiries: Questions about the Fund or the liquidation should be directed to the appointed joint provisional liquidators, Mathew Clingerman and Dylan Marshall of Kroll Bermuda Limited.

The notice serves as a record of the Authority's enforcement action against a specific licensed fund and does not create new compliance obligations for other regulated entities, though it illustrates the standards (investment manager, auditor and custodian appointment, prudent business conduct) the BMA expects funds to meet.

Applies to

Institutional Funds registered under the Investment Funds Act 2006