Voluntary Liquidation for Cayman Funds
In the end of June, the Cayman Islands Monetary Authority (CIMA) confirmed that the funds’ shareholders have placed 3 CIMA-registered investment funds and one fund, not regulated by CIMA, into voluntary liquidation.
The Cayman-domiciled entities are Grand Island Commodity Trading Fund I, Grand Island Commodity Trading Fund II, and Grand Island Income Fund. These funds were registered by CIMA in 2006. The Cayman-domiciled Grand Island Master Fund is unregulated.
At an extraordinary general meeting on June 17, 2008, the shareholders appointed the Joint Voluntary Liquidators (JVLs) – David Walker and Nick Freeland of PricewaterhouseCoopers. It should be noted that the action was taken following discovering the irregularities in the trading activities of the funds.
The Authority is going on with its own investigation into the matter and it will work with the courts and/or the liquidators in order to bring about the right winding up of the funds.