Aphelion Offshore Fund, Ltd - Warning Notice (2019-03-14)

Summary

This is a public Warning Notice issued by the Cayman Islands Monetary Authority (CIMA) against Aphelion Offshore Fund, Ltd. (Reg. #656261) and its director, Mr. Vineet Kalucha. Because CIMA could not locate or correspond with the director despite reasonable efforts, it is publishing this notice to give notice to all interested parties.

• Mutual Funds Law breaches: CIMA states the Fund breached sections 8(1), 8(2) and 9 of the Mutual Funds Law (2019 Revision) by failing to prepare and submit audited accounts for 2013-2017 and failing to pay annual fees/penalties for 2015-2019.
• Companies Law breach: The Fund also breached section 50 of the Companies Law (2018 Revision) by failing to maintain a registered office.

CIMA proposes to cancel the Fund's mutual fund registration under section 30(3)(a) of the Mutual Funds Law, having concluded that the Fund is or is likely to become unable to meet its obligations, that its direction and management has not been conducted in a fit and proper manner, and that Mr. Kalucha is not a fit and proper person to serve as director of a regulated mutual fund.

The notice gives the recipient (the director) a right to make written representations to CIMA's Managing Director before the proposed cancellation is finalized, subject to specific time limits, or to request an extension of that period within a shorter window. This is a case-specific enforcement notice rather than a rule of general application, and it does not itself create ongoing obligations for other regulated funds.

Key obligations

• The director (or the Fund) may make written representations to CIMA's Managing Director within 30 days of receiving the Warning Notice if contesting the proposed cancellation.
• Any request for an extension of the 30-day representation period must be submitted within 10 days of receiving the Notice.

Applies to

regulated mutual funds, directors of regulated mutual funds

Deadlines

• within 30 days of receiving this Warning Notice: Deadline for the director/Fund to submit written representations to CIMA contesting the proposed cancellation of the Fund's mutual fund registration.
• within 10 days of receiving the Notice: Deadline to submit a request for an extension of the 30-day representation period, if needed.