Investment firm raided in Qatar now being set up in Singapore

Investment firm raided in Qatar now being set up in Singapore

July 18th, 2013 |  Author: Online Press

The QFCRA warned investors against dealing with investment firm Portable Fund. (16 July) – Qatar has warned Singaporean authorities of an investment firm which has moved its headquarters to the Asian country days after Qatari authorities raided its Doha offices and arrested the CEO over false claims the firm was licensed to offer investment advice. Qatar Financial Centre Regulatory Authority (QFCRA) last week warned investors against dealing with investment firm Portable Fund, stating the company had falsely claiming it was licensed by the Qatar Financial Centre Authority (QFCA). “The QFCRA took swift action after becoming aware that Portable was falsely claiming to be regulated by the QFCRA and licensed by the QFCA. In order to protect consumers and investors the QFCRA issued an alert and directed the company to remove these false claims from its website, as well as the false claim that it operated from Tornado Tower in Doha,” a QFCRA spokesperson said in a statement. Christina Miller, a Portable Fund customer service official, told Arabian Business the fund was in the process of renewing its licence when its offices were raided and its CEO arrested by police: “We were providing service to the investors from all over the world from our Qatar office. “Our license was expired recently and we were having issues with QFC to renew the license… But suddenly police came and asked to shut down the office and arrested the CEO Alex Russman.” Miller confirmed Russman had been released from custody and was now in Singapore setting up the company’s new office. A QFCRA spokesperson confirmed it “has taken steps to alert Singaporean regulatory authorities to the claims of Portable Fund.” “In relation to any allegation of fraud or criminal enquiry in Qatar, that is a matter for the law enforcement authorities… The QFCRA repeats its warning to investors and consumers to avoid any dealings with Portable,” the statement added. According to its website, Portable Fund was established in Qatar in April 2007, has paid up capital of $50m and, as of May 2013, managed more than $200m worth of funds. It claimed it had investors from all over the world and was pursuing opportunities in the Middle East, Africa, Turkey, South Asia and South-East Asia. It states it’s new office is located at 21 Maxwell Road, 069113 Singapore.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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