- Investors vent anger at delayed Liquidator investigations
Many investors in The Classic Car Fund and Classic Investment Fund, SVG funds in liquidation and previously managed by Italian Filippo Pignatti, have expressed their anger at the delays in the liquidation process.
With multiple, extensive fraud uncovered by investigative firm Intel Suisse, the main allegations centre on Pignatti, the non-existent administration company Fortuna (actually run by Scarabeus Wealth Management in Liechtenstein), and ex-directors Michael Zuther and Patrick Demi, former owners of Scarabeus.
By mid-2023 a number of criminal complaints had been filed in Europe by shareholders. However, the deafening silence from the SVG authorities, particularly where the bogus administration company operated as a front for a Liechtenstein wealth management group, has casted a dark shadow over SVG as a regulated, robust fund jurisdiction.
The Liquidator, Brian Glasgow, presented with evidence of money-laundering and severe financial fraud, has been urged by investors to comply with international standards on anti-money laundering laws, but can only be described as “dragging his heels” at best.
Pignatti, meanwhile, has been judged at fault by German courts over an ultra vires loan and bungled classic car collateral, yet investors await impatiently for the return of their money.
