Offshore fund group Belvedere Management, which claims to have $16 billion of assets under administration, management and advisory, appears to be one of the biggest criminal financial enterprises in history, headed by David Cosgrove, Cobus Kellermann and Kenneth Maillard, OffshoreAlert can reveal. IT IS not certain if or to what extent investors have been bilked, […]

Johannesburg – The SA Revenue Service (SARS) started looking at the controversial investment company Belvedere Management Group months ago, Netwerk24 reported on Wednesday. Cape Town money manager Kobus Kellerman –  one of two SA kingpins behind the Belvedere Ponzi scam Cape Town money manager Cobus Kellermann – one of two SA kingpins behind the Belvedere […]

The Guernsey Financial Services Commission (FSC) on Friday successfully applied to place three fund vehicles with ties to Belvedere Management under administration. The Guernsey court granted the application to place the Global Mutual Fund PCC Limited, Worldwide Mutual Fund PCC Limited and Universal Mutual Fund Limited under the care of an independent administrator. The three […]

IT IS not certain if or to what extent investors have been bilked, or who has done the bilking. Indeed, it is hard to establish very much at all, given the complexity of the case: authorities in the Cayman Islands, Guernsey and Mauritius are all looking into it and a South African financial regulator is […]

The Guernsey Financial Services Commission (“the Commission”) has stated It is aware of an ongoing investigation by other regulatory partners into the global operation of companies linked to the Belvedere Group and related entities. One of the related structures, RDL Management Limited (“RDL”) has recently had its licence suspended by the Financial Services Commission Mauritius […]

Trading in shares of Bramer Banking Corp. of Mauritius was suspended after the lender’s license was revoked, its accounts transferred to another bank and the prime minister said there’s “evidence” of a Ponzi scheme. The central bank pulled Bramer’s license “following strong evidence that BBCL is engaged in a Ponzi scheme which exceeds 25 billion […]

FSB helping Mauritian, Guernsey regulators probe Kellermann following his alleged involvement in irregularities tied to Belvedere Management. South Africa’s Financial Services Board said it’s helping regulators in Mauritius and Guernsey investigate the affairs of Cobus Kellermann, a Cape Town-based money manager. “The regulators in the foreign jurisdictions have asked us to assist them in tracking […]

Cobus Kellermann, Stellenbosch University graduate now in his late 30s who runs Cape-based money manager Clarus Capital, has been fingered as a mastermind behind a massive global Ponzi scheme run out of Mauritius. Kellermann’s company also manages eight South African unit trusts under the Met Collective Investments banner. They have been entrusted with R1.35bn in […]