An investment fund based in the Bahamas, FAEX Fund Ltd., is facing liquidation proceedings following allegations of embezzlement of approximately $1.6 billion. The liquidator of a bankrupt Brazilian bank accuses the fund of hiding assets belonging to Banco Master. The Supreme Court will hear the case on October 8. The allegations have not yet been resolved, and concerns about the fund's governance are also being raised.
FAEX Fund under investigation for embezzlement of billions in a financial scandal in the Bahamas
This article was updated at 07:05.