BusinessCompany NewsTwo arrested after SFO’s Weavering raids

Two arrested after SFO's Weavering raids

Residential properties in Kent and Surrey raided in connection with the SFO's probe into Weavering Capital's collapse

Two men have been arrested after the SFO raided two homes in Kent and Surrey
as part of a probe into the collapse of hedge fund Weavering Capital.

Backed up by City of London Police, the fraud watchdogs entered two
residential properties in Kent and Surrey.

The SFO confirmed two men, aged 43 and 45, were arrested and have been taken
to a police station for questioning, but would not release any further
information on the pair’s identity.

Investment management company Weavering Capital (UK) Limited went into
administration on 19 March, 2009.

Its primary function was to act as investment advisor to Weavering Macro
Fixed Income Fund Limited (the Macro Fund), a Cayman Islands incorporated hedge
fund.

Liquidators
from PricewaterhouseCoopers
were appointed over the Macro Fund on 19 March,
2009.

The Macro Fund was understood to have funds under management of around $639m
in late 2008.

The investigation centres on interest rate swap deals between the Macro Fund
and Weavering Capital Fund Limited, a company registered in the British Virgin
Islands.

The SFO said the comapny appears to be a ‘related third party’ which
alllegedly inflated the apparent net asset alue of the Macro Fund.

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