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ARTICLE · 21 JUNE 2019

Exclusive Jurisdiction Clauses - Are They Really Exclusive?

Higgs & Johnson
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Argyle Fund SPC Inc. is a Cayman Island Mutual Fund which went into insolvent liquidation on 26 April 2016, purportedly due to significant exposure to debt factoring via investments made through two credit advisors ...

Cayman IslandsLitigation, Mediation & Arbitration
Ally Speirs
Ally Speirs

Background

Argyle Fund SPC Inc. ("Argyle") is a Cayman Island Mutual Fund which went into insolvent liquidation on 26 April 2016, purportedly due to significant exposure to debt factoring via investments made through two credit advisors which each perpetrated major frauds at Argyle's expense.

Argyle's auditor, BDO Cayman Ltd. ("BDO Cayman"), was its statutory auditor for the audit years ending 31 December 2006 – 2014, as a result of which audits of the investments held by certain of Argyle's classes would necessarily have had to have been properly scrutinised.

Between 2010 – 2013, Argyle and BDO Cayman entered into four separate audit engagement letters, none of which BDO Cayman's affiliates were a party to.

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