Decision Notice - Aphelion Offshore Fund Ltd. (2019-05-15)

Summary

This is a Decision Notice issued by CIMA against Aphelion Offshore Fund, Ltd. (Reg. #656261), cancelling the fund's mutual fund registration for ongoing breaches of the Mutual Funds Law. It follows an earlier Warning Notice dated 14 March 2019 and is directed to the fund's director, Mr. Vineet Kalucha.

• Breaches found: Failure to prepare and submit audited accounts for years ended 31 December 2013 to 2017 (sections 8(1) and 8(2) of the Mutual Funds Law); failure to pay annual fees and penalties for 2015 to 2019 (section 9); and failure to maintain a registered office (section 50 of the Companies Law).
• Action taken: CIMA cancelled the fund's mutual fund registration under section 30(3)(a) of the Mutual Funds Law, effective 15 May 2019.
• Reasons: CIMA found, under sections 30(1)(a), (d) and (e), that the fund is or is likely to become unable to meet its obligations as they fall due, that its direction and management has not been conducted in a fit and proper manner, and that Mr. Vineet Kalucha is not a fit and proper person to hold the position of director of a regulated mutual fund.

This notice is specific to Aphelion Offshore Fund, Ltd. and its director and does not impose new ongoing obligations on other regulated entities; it documents a completed enforcement decision.

Applies to

mutual funds, fund directors

Deadlines

• 15 May 2019: Effective date of CIMA's decision to cancel the fund's mutual fund registration