IlliquidX – a leading distressed debt specialist – has issued High Court Proceedings in the UK against Altana Wealth and others in relation to the launch of the Altana Credit Opportunities Fund SPF, pressat reported.
Illiquidx has accused the firms of breach of contract and confidence in relation to the Altana Credit Opportunities Fund SPF (the ACOF Fund).
Altana Wealth, its founder and chief investment officer Lee Robinson, along with Brent Advisory and its director Steffen Kastner have also been accused of trade secret and copyright infringement.
In June 2019, the firms signed a joint venture and non-disclosure agreements to launch a fund that invested in Venezuelan debt, but the partnership broke down a few months later.
According to Illiquidx, there were “irreconcilable differences of opinion between the parties on investment strategy and corporate governance”. The firm alleges that the “defendants were trying to usurp the claimant’s role in setting up the [fund], after having obtained key confidential information on how and when to exploit the opportunities”, Expert Investor reported.
IlliquidX said legal proceedings will likely be listed for trial in 2021, according to Citywire.