CIMA openly chastises fund directors for failing to file accounts


The Cayman Islands Monetary Authority (CIMA) has written an open letter to the directors of the Azure Energy Fund in which it states the firm has not submitted audited accounts for the years 2003 to 2008 or paid annual fees and penalties for the years 2008 to 2016.

CIMA told John Kenney Berscht and Wayne Garfield Carter, the two directors, that in not submitting the accounts or paying the fees the company is breaching the Mutual Funds Law.

The CIMA wrote: “The Authority has made reasonable efforts to locate and correspond with the directors of the Fund, but to date has been unsuccessful. The Authority is therefore posting this notice publicly in an effort to give notice to all interested parties.

“The Authority also gives notice that the lack of communication may be considered in assessing your fitness and propriety to act as an authorised person in connection with other existing regulated mutual funds and/or licensees, or in future applications where fitness and propriety will be assessed.”

CIMA said that it may at any time cancel any mutual fund registration if it is satisfied that the fund has ceased to carry on or attempt to carry on business as a mutual fund.

Azure Energy Fund is managed by Azure Capital Management a San Francisco-based venture capital firm. 

Cayman Islands Monetary Authority, CIMA, Azure Energy Fund, John Kenney Berscht, Wayne Garfield Carter, Mutual Funds Law, Cayman

Cayman Funds