Regulatory Alerts2019-05-15
Cayman Islands Monetary Authority Decision Notice – Aphelion Offshore Fund, Ltd
The Cayman Islands Monetary Authority has cancelled the mutual fund registration of Aphelion Offshore Fund, Ltd effective 15 May 2019. This action addresses the Fund's breaches of the Mutual Funds and Companies Laws, specifically its failure to submit audited accounts for 2013–2017, pay annual fees and penalties from 2015 to 2019, and maintain a registered office. CIMA determined that the Fund is likely unable to meet its financial obligations, its management has not been conducted in a fit and proper manner, and Director Mr. Vineet Kalucha fails to meet the required fit-and-proper standards.
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