Financial group: ‘Hundreds of millions of dollars missing’ from Cayman fund

Gulf Investment Corporation (GIC), a financial institution owned by six Gulf states, claims “hundreds of millions of dollars are missing” from The Port Fund L.P., a Cayman Islands-based exempted limited partnership, set up in 2007 to invest in “port-related assets around the world”.

In a discovery application filed on 26 Dec. 2019 in the Southern District of New York, and published by Offshore Alert, GIC raises questions over the conduct of KGL Investment Company (KGLI), the sponsor and placement agent of the Port Fund and owner of Port Link (GP), the general partner of the private equity fund.