Nov 18 2009
Hugh Dickson and Mark McDonald of Grant Thornton have been appointed as liquidators of K1 Global Ltd (K1 Global or the fund) under section 159(2) of the British Virgin Islands Insolvency Act 2003 by the shareholder to the fund.

K1 Global is incorporated in the British Virgin Islands and is one of two BVI investment vehicles thought to be associated with the K1 Group, a Germany based hedge fund manager. Hugh Dickson and Mark McDonald were appointed liquidators of K1 Invest Ltd, the second of the two funds, on 9 November 2009, also at the behest of the shareholder.

A K1 Global fact sheet shows assets under management totaling Euro 173m at 31 July 2009.

Mark McDonald of Grant Thornton commented, As with K1 Invest, the relationship between K1 Global and the K1 Group is as yet unclear. We are in the course of contacting the German authorities as a matter of urgency to try and gain some visibility on the current situation and have commenced investigations into the financial position and affairs of the fund. We are already in contact with the relevant service providers to the fund to assist with our investigations.

Grant Thornton will contact K1 Global creditors shortly to advise on their initial findings and future communications. In the meantime, creditors are asked to contact the liquidators care of K1Global@gtuk.com to ensure their details are on file and to facilitate future communications.