GA Fund Management’s license revoked
Risk capital fund management company AS GA Fund Management (formerly known as AS Gild Fund Management) has been declared bankrupt, and no longer has the right to operate as a management company.
The license issued to AS GA Fund Management by the Financial Supervision Authority on 7 November 2007 for the management of risk capital funds as well as the supplementary license issued on 10 September 2008 for investment consulting have been revoked.
AS GA Fund Management has failed to adhere to the established own funds requirements, and has disregarded the precept of the Financial Supervision Authority with regard to the minimum amount of own funds, the prudential ratio stipulated in the Investment Funds Act. Instead of raising own funds, AS GA Fund Management filed a bankruptcy petition with Harju County Court on 8 February 2013.
At the end of 2009, the supervision proceedings of the Financial Supervision Authority triggered changes in the activities of AS GA Fund Management, with the owners waiving control of the management company and restructuring the management board. The Financial Supervision Authority also imposed a fine on AS GA Fund Management for submission of false information on investments related to precious metal mining rights in Armenia as well as failure to submit public reports in a timely manner.
Shareholders had previously decided to liquidate the risk capital fund Gild Arbitrage managed by AS GA Fund Management.