Pension Fund Seizes Property Bought With Looted Funds

Law360, London (September 8, 2020, 3:51 PM BST) -- A judge in London stripped a Panamanian foundation of a property in the British capital on Tuesday after a defunct pension fund said the site was bought with some of the £18.6 million ($24.25 million) misappropriated by its former fiduciaries.

High Court Deputy Master Lloyd transferred the South London property to liquidators for Trafalgar Multi Asset Trading Co. Ltd., a Cayman-based pension fund, who are suing its former fiduciaries in England for fraud.

The property had been held in the name of the Vivere Forti International Foundation, a Panamanian trust said to be connected to individuals alleged to have helped Trafalgar's...

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