Caribbean Net News: Investment fund liquidation to be considered by Bermuda court

Russia (Bloomberg), MOSCOW: The Bermuda Supreme Court will consider the liquidation of IPOC International Growth Fund Ltd, which holds assets in Russian telecommunications companies, including OAO MegaFon.

A petition for IPOC to be liquidated, filed by the Registrar of Companies at the direction of Finance Minister Paula Cox, will be heard by the court on April 27, Bermuda government spokesperson Robin Holder said via e-mail on Tuesday.

The Bermuda government is seeking to "address seeming breaches of our laws" and protect the island's reputation as a finance center, the Finance Ministry said in a February 5 statement.

Scott Learmouth and Kirsten Smart at London-based Media Strategy, which represents IPOC, didn't return three phone calls and an e-mailed request for comment on Tuesday.

IPOC is in a dispute with Russian billionaire Mikhail Fridman's Alfa Group over a 25.1 percent stake in MegaFon, Russia's third-largest mobile phone company.

A Zurich-based arbitration tribunal concluded on May 16 that Leonid Reiman, Russia's Information Technology and Communications Minister, and close ally of President Vladimir Putin, is the beneficial owner of Bermuda-based IPOC. Reiman has repeatedly denied the connection to IPOC.

The Bermuda Finance Ministry appointed two inspectors to investigate the affairs of IPOC, according to the February 5 statement. Following the examination of the inspectors' report, the minister directed the Registrar of Companies to petition the court for a winding up of the company, according to the statement.

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