Bermuda expands probe into investment fund
Tuesday, April 13, 2004
LONDON, England: Bermuda's administration
has appointed KPMG to help with its probe into the fund at the heart of the
battle for control of Megafon, one of Russia's leading mobile phone companies.
According to the Financial Times, KPMG's appointment shows the Bermuda
authorities are stepping up their inquiries into the Ipoc International Growth
Fund. One area they are understood to be focusing on is who the beneficial
owners are of both Ipoc and its sister funds.
Ipoc said: "We welcome this inquiry and are co-operating fully with KPMG. Ipoc
has been the victim of a concerted smear campaign stemming from its refusal to
give up its rightful ownership to a 25.1 per cent stake in Megafon." It added:
"Without any good legal grounds to fight Ipoc's case, our opponents' strategy
seems to rely on peddling unsubstantiated smears. We are confident the
Bermudan inquiry will find that they are utterly groundless."
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