Lamborghini’s, Ferrari’s, and other expensive European-made vehicles worth millions of dollars have gone missing after a St Vincent and the Grenadines -registered ‘Classic Car Fund‘ collapsed.
The ‘Classic Car Fund‘, registered here in St Vincent in 2011, went into liquidation in 2021, but the 30 – 40 investors didn’t find out until April of 2022.
Information obtained by the St Vincent Times shows that the appointed Liquidator is Mr Brian Glasgow.
According to Intel Sussie, Global Financial Investigators & Asset Recovery, who were appointed by investors, It appears that all of TCCF’s liquidity was lent to a large shareholder, resulting in investor losses. There have been claims of car ownership disputes, and possible overpricing of car purchases.
David Mapley, the lead fraud investigator at Intel Suisse, says he is frustrated by the liquidator’s inertia in SVG – the investors, who have lost their money, seem less polite.
“In my 40+ years of financial markets and funds experience, I have never seen such obvious fraudulent activities in an investment fund being hidden behind such obstructive parties. I have been lied to by the CEO of the administrator in Liechtenstein. The SVG liquidator cannot access bank statements, fund documentation, audited accounts, yet more to the point, he is disinclined to push his legal prerogative”.
Mapley told St Vincent Times that a sports personality and singer could possibly be among those affected.
“The international investors, all first-class persons who can speak highly or poorly about SVG’s jurisdiction, are in an uproar. They are so angry at the obstruction to the investigation into clear fraud, and clearly, this falls on the shoulders of an SVG liquidator who has such powers of discovery. David Beckham’s Range Rover, Elton John’s Maserati, did The Classic Car Fund own it or not”?.
According to Clive Evans, CEO of Yachting Financial Solutions, representing 8 investors, the situation is becoming murkier and he is beginning to question the liquidator’s motives.
“This situation gets murkier and murkier, The liquidators’ continual inaction over the last ten months does not give me [or any other investor] a favourable impression – his duty is to us only – as appointed by the court to a solvent fund”.
“My only interest here is to get as much money as possible for our investors- by whatever means- it is their hard-earned cash at stake here, not just some notional numbers. I now find myself questioning Brian Glasgow’s motives – as they are clearly not in alignment with ours”, Evans told St Vincent Times.
St Vincent’s Financial Services Authority has been notified about the matter as Intel Sussie is preparing to open a fraud investigation.
Ernesto is a senior journalist with the St. Vincent Times. Having worked in the media for 16 years, he focuses on local and international issues. He has written for the New York Times and reported for the BBC during the La Soufriere eruptions of 2021.