Bridge Global Absolute Return Fund SPC
Mr. Samuel Sze Goh
Mr. Nicholas William McDonald
Directors
Bridge Global Absolute Return Fund SPC
c/o Campbells Corporate Services Limited
Floor 4 Willow House, Cricket Square
Grand Cayman Ky1-1910
Cayman Islands
Dear Mr. Goh and Mr. McDonald
Re: Decision Notice – Bridge Global Absolute Return Fund SPC (Reg. #896582) (“the Fund”)
The Cayman Islands Monetary Authority (“the Authority”) writes to you in your capacity as Directors of the Fund.
We refer to the matter at caption and to the Authority’s numerous correspondence regarding the Fund’s various breaches.
The Fund remains in breach of the Mutual Funds Law (2020 Revision) (“the Law”) as follows:
- Sections 8(1) and 8(2) for failing to prepare and submit audited accounts for the years ended 31 March 2015 to 2019; and
- Section 9(1) for failure to pay annual fees and penalties for the years 2017 to 2020.
TAKE NOTICE:
The Cayman Islands Monetary Authority of 171 Elgin Ave, SIX Cricket Square, P.O. Box 10052, Grand Cayman KY1-1001, Cayman Islands, has taken the following action.
ACTION:
The Authority has cancelled the Fund’s mutual fund registration pursuant to section 30(3)(a) of the Law.
REASONS:
The Authority is, pursuant to sections 30(1)(a), (ba), (d) and (e) of the Law, satisfied that (i) the Fund is or is likely to become unable to meet its obligations as they fall due; (ii) the Fund has contravened the Law (iii) the direction and management of the Fund has not been conducted in a fit and proper manner; and (IV) Mr. Samuel Sze Wei Goh and Mr. Nicholas William McDonald are not fit and proper persons to hold the position of director of a regulated mutual fund.
EFFECTIVE DATE OF DECISION:
The Authority's decision regardings the above action is effective 20 May 2022.
Yours faithfully,
Cindy Scotland
Managing Director
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