Investors have brought further charges against Zurich-based Ruvercap Investment, according to information obtained by finews.com. The charge features a transaction that involved a former councilor of Graubuendner Kantonalbank.
The attorney general of the canton of Zug has received a new complaint in connection with the disappearance of assets at private-debt investor Ruvercap Investments, according to information obtained by finews.com. The individual who filed the complaint is a wealth manager who had invested in the private-debt instrument of Ruvercap.
The case of Ruvercap involves the disappearance of several hundred million francs that belong to big-name Swiss institutional investors, with cantonal banks and pension funds affected – finews.com reported repeatedly about the case. Investors affected say that the case will be the biggest finance fraud ever to be uncovered in Switzerland.
One of Several Complaints
Several complaints have already been filed with the attorney offices of Zurich and Zug, with accusation mostly leveled at the management of Ruvercap, the founders M. C. and J. T. as well as a Zug-based firm called Batagon. The latter firm had made questionable investments in Serbia with money from Ruvercap investors.
One of the board members of Batagon was Thomas Huber, who also was a bank councilor at Graubuendner Kantonalbank (GKB). GKB had more than 70 million francs ($77 million) invested in Ruvercap, making it one of the biggest single investor. Huber had to step down as councilor at GKB in May.
Serbian Battery Producer Purchased
In the latest complaint filed, Huber and other former representatives of Batagon have been named in person. Huber and all other accused are presumed innocent until proven guilty.
The complaint is based on a transaction by Batagon dating back to 2017. The firm had officially paid 7.35 million euros for a battery producer, while more than 80 million euros were diverted to Batagon from the credit portfolio financed by Ruvercap investors. They had become concerned that not all of the money had been spent on the purchase of the battery producer.
New Companies Implicated
The complaint now implicates further companies that have been mentioned in connection with the Ruvercap investment universe. One of the them is called Allgemeine Gesellschaft fuer Verbriefungen (AGV) based in Luxembourg, which bundled the investment funds available to Ruvercap. Another is Austria-based Quantic Financial Solutions, an investment adviser that has been tasked by the regulator to take charge of the Ruvercap business and to establish the net inventory of the funds based in Ireland.
Quantic and AGV had intended to hold a meeting with Ruvercap investors in August with a view to get them to forego of their right to the 80 million euros. For this, the battery factory would have been shifted to a new holding firm based in Slovakia. The meeting was cancelled at the last minute, presumably because of the charges filed.
