Cayman-based funds take Venezuela to court over default

Pedro Gonçalves
clock • 1 min read

Two Cayman-registered funds are suing Venezuela, claiming that the troubled South American regime owes $26m after it defaulted on bonds and interest payments. The Cayman entities,  Pharo Gaia Fund Ltd. and Pharo Macro Fund Ltd, are demanding interest payments over sovereign bonds the country issued in 2002. Both funds are based in the Cayman Islands and managed by Pharo Management, a Delaware-based company that operates out of New York, where the lawsuit is taking place.  According to the funds' claim, Pharo Macro owns a beneficial interest in $1,500,000 of 13.625% bonds Venezuela ...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now


Already a International Investment member?