Hong Kong investors lose US$80m in failed Cayman hedge funds

Friday, April 2, 2004

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Reader comments:

• Based on Towry Law advice and assurance, I've invested in Circus Capital fund - with profit. I was told and assured that this fund is protected! Now Towry Law is saying “but not guaranteed”! They never told me this and never indicated that this fund is risky. I attempted to redeem the fund 18 months ago, but was told to leave it and redeem the other fund until the bonus rate declaration!
  
  Towry Law was silent and not communicated to me any info with the status of this fund nor gave any warning to redeem whatsoever.
  
  Another case with Towry Law that they recommended another fund to me: "Scottish Mutual International - with profit bonus" and also advised me to go for a gearing loan which based on their advice I did. My friend and I did the same thing with clear information that there was no risk with the gearing loan at all, and the fund manager will cancel the loan if the interest rate goes higher. Now the fund is going down and they've asked me to redeem the fund and just now I became aware that the loan will be subject to the fund penalty and I will lose approx $50,000.
  
  I've asked for redemption anyway and requested Towry Law to be responsible for my losses – the case is still ongoing.
  
  For information, the former Towry Law management has all been changed! – HN, Bahrain

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