The Client

A sovereign wealth fund (SWF) with global assets of USD 6 billion under management.

The Problem

The SWF formed a JV partnership to purchase agricultural land. The fund had no previous investments in the target country, and no prior experience in the sector. Over the next year all transfers made to the local partners went missing, as did the individuals. An audit revealed several hundred million dollars unaccounted for; our on-the-ground investigation revealed misrepresentation of the land assets: total area was 20% less than recorded, ultimate ownership was not as described, and crop yields 80% less than declared.   

The Outcome

Working with independent legal counsel we advised the SWF on a transparent route to recoup losses and found ways to apply pressure on the thieves.  

• Quantified losses sustained for presentation in court 

• Traced the path of appropriated assets to several offshores

• Uncovered the UBOs of complicit companies

• Supplied evidence to lawyers for worldwide freezing orders

With pressure building, and a successful legal case increasingly obvious, the perpetrators sought dialogue and we were able to negotiate a significant re-payment without unnecessary publicity and reputational harm to the SWF.