By Laura Krantz – 10/03/2018 03:15:52It’s the name of the legal fund that’s worth millions to many investors and lawyers in Ireland.
In recent weeks, the fund has been shaken by the discovery that its founder and CEO was allegedly involved in a sham bond sale, and that the company was accused of taking bribes from a senior executive.
Dublin’s Central Bank is currently examining the case, which the fund said had “no merit”.
Dublin-based GABILI, which has a total of €12 billion in assets, was founded by the billionaire Gina Raimondo, who is believed to have been the inspiration for her own fund, the Raimondas Wealth Fund.GABIL, which is based in London, has been active in Ireland’s financial markets since 2010, when it bought the Irish Banking Group (IBG), which has an account with the Reserve Bank of Ireland, in the first round of its purchase.
The fund has a range of assets including investments in real estate, property, banking and insurance, according to its website.GIB is currently seeking to be taken over by a new fund based in Ireland, and will be overseen by a senior officer from the Central Bank.
The company said that while it was “aware of allegations that have been made regarding the conduct of a member of its management team,” the matter was “under investigation and we cannot comment further at this time”.
“The company remains committed to providing investors with an attractive investment opportunity in Ireland and the UK,” it added.
Dubai-based financial services firm GRAX was the only one to have its assets seized in recent weeks.
Dublting, which holds an account at the Central, was the target of the allegations, but its CEO has not been charged.
Its founder and chairman, Paul de Meeus, is a lawyer at the firm of O’Donnell and Company, which he joined in 2002.
The bank has not commented on the allegations.
According to its websites, GABI is an “established legal defense and investment fund” that invests in a range.
Among its offerings is a real estate investment fund.
The firm’s other investment vehicle, GRAXX, is an insurance fund.
In a statement, GIB said it was unable to comment on the situation and “is currently assessing the matter”.GAB is also the target for a “large-scale investigation” into alleged fraud involving a number of companies, it added, and it is cooperating with the authorities.
Dubland-based investment bank MSP Investments also said that it was in contact with the Central and was working closely with the Irish Financial Services Authority (IFS) and the Financial Conduct Authority (FCA).MSP Investments said that its chief executive, David Smith, is “not under investigation by the authorities and has been acting as a representative for the company”.
“We are cooperating with their investigation and will assist the authorities as they need us,” he said.
