Regulatory Alerts2019-12-27
Cayman Islands Monetary Authority Decision Notice – KTH Capital Limited
The Cayman Islands Monetary Authority has cancelled the mutual fund registration of KTH Capital Limited effective 27 December 2019. This decision follows the Fund's prolonged failure to prepare and submit audited accounts for the years ended December 2002 through 2018, constituting breaches of Sections 8(1) and 8(2) of the Mutual Funds Law. CIMA determined that the Fund has ceased operating as a mutual fund and remains non-compliant despite repeated regulatory requests to resolve its outstanding obligations.
27 December 2019
Mr. Du Wang Mrs. Vivian Ding Li The Directors KTH Capital Limited C/o Estera Clifton House 75 Fort Street, PO Box 1350 Grand Cayman KY1-1108
Dear Sir and Madame,
Re: Decision Notice – KTH Capital Limited (Reg. #4142) (“the Fund”)
The Cayman Islands Monetary Authority (“the Authority”) writes to you in your capacity as Directors of the Fund. We refer to the Warning Notice dated 13 November 2019.
The Fund remains in breach of the Mutual Funds Law (2019 Revision) (“the Law”) as follows:
- Section 8(1) and 8(2) for failure to prepare and submit audited accounts for the years ended December 2002 to December 2018.
TAKE NOTICE: The Cayman Islands Monetary Authority of SIX, Cricket Square, P.O. Box 10052, Grand Cayman KY1-1001, Cayman Islands, has taken the following action.
ACTION: The Authority has cancelled the Fund’s mutual fund registration pursuant to section 30(16) of the Law.
REASONS: The Authority is satisfied that the Fund has ceased to carry on, or attempt to carry on, business as a mutual fund. Despite repeated requests to resolve the regulatory breaches, the Fund has been unable to become compliant with the Law.
EFFECTIVE DATE OF DECISION: The Authority’s decision regarding the above action is effective 27 December 2019.
SIX, Cricket Square, P.O. Box 10052, Grand Cayman KY1 - 1001, Cayman Islands Tel: 345-244-1639 | Fax: 345-946-4651 | Email: ContactCompliance@cimoney.com.ky | Web: www.cima.ky
The Directors KTH Capital Limited 27 December 2019 Page 2
Yours faithfully,
[Signature]
Patrick Bodden Deputy Managing Director - Operations
SIX, Cricket Square, P.O. Box 10052, Grand Cayman KY1 - 1001, Cayman Islands Tel: 345-244-1639 | Fax: 345-946-4651 | Email: ContactCompliance@cimoney.com.ky | Web: www.cima.ky