Richard Fagan (businessman)

Richard Fagan
Born Richard Fagan
1971/1972 (age 43–44)[1]
Nationality British
Occupation Businessman
Known for International polo player

Richard Fagan (born 1971/1972) is a British businessman who created the Kijani Commodity Fund in 2011 and is captain of the Irish international polo team.

Early life

Richard Fagan was born in Britain, around 1972. He worked for a family motor repair chain before moving to Gibraltar around 2007 where he began a career in investment funds.[1]

Kijani Commodity Fund

In 2011, Fagan started the Kijani Commodity Fund, "kijani" meaning green in Swahili. Early on, Iraqi billionaire Nadhmi Auchi, who was convicted of corruption in an unconnected matter in 2003,[2] lent US$5 million to the fund which was returned in 2012.[1] The fund was marketed to savers in the Middle East and Asia and by 2015 it had grown to around US$130 million according to the fund's own figures. The actual investments were made by Gibraltar incorporated Kijani Resources Ltd., of which Fagan is a major shareholder, with money lent to it by the Kijani Commodity Fund, the only asset of the fund being that loan. Assets of Kijani Resources included such things as forestry rights in Suriname and a West African oil-services company.[1][3]

The Kijani Commodity Fund, along with many other funds, was administered by Belvedere Management Ltd., part of the troubled Belvedere Management group of Mauritius,[1] which was described by Offshore Alert in March 2015 as a Ponzi scheme and is currently under investigation by regulators in South Africa, Mauritius and Guernsey.[4][5] Kijani Resources, which moved to the Cayman Islands in 2014, was taken over by the Cayman Islands Monetary Authority in June 2015 and placed into liquidation the same month.[6][7]

Other interests

With Simon Hooper, Fagan is the beneficial owner of ALF Capital Management Limited, a company that as of 31 October 2014 owned 14.2% of Eligere Investments plc, a company traded on the GXG Market in Denmark. The chairman and chief executive of Eligere is Gibraltar based William Redford, director of Silex (UK) Limited and a former director of Silex Fund PCC Limited (in liquidation).[8]

Polo

Fagan is captain of the Irish international polo team.[9] The team won the silver medal in the European Polo Championship at the 2014 FEI World Equestrian Games.[10] In December 2014, Fagan received an award from Horse Sport Ireland chairman Pat Wall in acknowledgement of the achievement.[11] Now named Silex Team Ireland and funded by Fagan,[12] the team has competed in the Land Rover International Polo Tournament[13] and the XXXVI José Ignacio Domecq Memorial tournament at Santa María Polo Club.[12] Silex Systems is an Australian firm in the uranium enrichment business.

Personal life

In 2012, Fagan bought a 116-foot superyacht named Ratio which sleeps around 15 people.[1][14]

References

  1. 1 2 3 4 5 6 Investigation of Seized Hedge Fund Highlights Risks. Margot Patrick, The Wall Street Journal, 3 August 2015. Retrieved 1 October 2015.
  2. ↑ Corruption scandal hits senior politicians. David Pallister and Rory McCarthy, The Guardian, 15 November 2003. Retrieved 1 October 2015.
  3. ↑ Lawyer smoothes path of £10m oil firm sale. Business MK, 6 November 2014. Retrieved 2 October 2015.
  4. ↑ EXPOSED: Belvedere Management's massive criminal enterprise. David Marchant, OffshoreAlert, 17 March 2015. Retrieved 25 March 2015.
  5. ↑ Funds marketed in Hong Kong linked to Belvedere fraud probe. Benjamin Robertson, South China Morning Post, 6 April 2015. Retrieved 7 April 2015.
  6. ↑ Belvedere-owned Kijani funds go into liquidation. Katherine Denham, International Adviser, 30 June 2015. Retrieved 2 October 2015.
  7. ↑ PwC Gibraltar: Kijani Limited Liquidation. PwC Gibraltar. Retrieved 2 October 2015.
  8. ↑ Eligere Investments Plc: Changes to Substantial Shareholdings. London Stock Exchange, 31 October 2014. Retrieved 3 June 2015.
  9. ↑ Team Cartier seal third triumph at St Moritz's Snow Polo World Cup. Gareth A Davies, The Telegraph, 3 February 2015.
  10. ↑ Ireland's Polo Team Play In European Championships On Saturday. The Irish Sports Council. Retrieved 3 June 2015.
  11. ↑ Olympic dreams for Irish polo team. The Irish Field, 26 December 2014. Retrieved 3 June 2015.
  12. 1 2 Silex remains unbeatable. Santa María Polo Club Sotogrande, 1 April 2015. Retrieved 3 June 2015.
  13. ↑ Polo in the heart of London. Polo+10, 18 August 2014. Retrieved 3 June 2015.
  14. ↑ "BUSTED: British & Irish expats who help Belvedere Group swindle investors" David Marchant, OffshoreAlert, 22 May 2015. Retrieved 1 October 2015.

External links

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