FG Hemisphere

FG Capital Management, Ltd.
Public
Industry Investment management
Headquarters New York, New York
Area served
 Worldwide
Key people
 Peter Grossman (Managing Director & Co-founder)
Keith R. Fogerty (Co-founder)
Products Emerging markets
Website http://fgcap.net/index.html

FG Capital Management, Ltd. is an American investment management firm based in New York, New York[1] that focuses on equity investments and debt restructuring in emerging markets.[1][2][3][4] As part of its management of distressed assets, FG Capital investigates and exposes financial fraud by engaging politicians, governments, and international organizations to combat corruption.[5]

FG Hemisphere Associates

FG Hemisphere Associates is a "special-purpose vehicle" managed by FG Capital. It was set up to purchase sovereign debt claims where countries, rich in natural resources, had too little revenue from these resources ending up in the national treasury. FG Hemisphere stated that "these countries were suffering from lack of proper management, not a lack of resources" while emphasizing "governance and transperency reforms will recapture this lost revenue for the public coffers."[3]

Sovereign debt

FG Capital Management sued the Democratic Republic of the Congo for $100 million after acquiring debts owed to Energoinvest, a Bosnian company, for $2.6 million. Former Bosnian prime minister, Nedzad Brankovic, approved the deal and was investigated on corruption charges during his stint at EnergoInvest.[2] Bosnia's Police stated that Brankovic acted illegally in selling the debt, which was owned by the country, but sold personally, and recommended he be charged.[6][7] A court in the Jersey Islands ruled that the DRC must pay FG Capital the debt in full plus interest, a claim of $108.3 million. In 2012, the ruling was overturned by the Privy Council of England, which blocked FG Capital from collecting on the debt.[4]

See also

References

  1. 1 2 Mao, Debra (21 March 2011). "Vulture Fund May Cause ‘Constitutional Crisis’ in Hong Kong". Bloomberg. Retrieved 19 July 2014.
  2. 1 2 "Vulture funds – the key players". The Guardian. 15 March 2011. Retrieved 19 July 2014.
  3. 1 2 . FG Capital Management, LTD. http://fgcap.net/index.html. Retrieved 19 July 2014. Missing or empty |title= (help)
  4. 1 2 Huang, Daniel, What Happens When the Vulture Funds Start Circling, Wall Street Journal, June 25, 2014
  5. ↑ . FG Capital http://fgcap.net/experience.html. Missing or empty |title= (help)
  6. ↑ Palast, Greg; O'Kane, Maggie; Madlena, Chavala (15 November 2011). "UK urged to prevent vulture funds preying on world's poorest countries". The Guardian. Retrieved 29 August 2014.
  7. ↑ Jones, Meirion (18 July 2012). "Vulture fund's $100m DR Congo claim blocked". BBC. Retrieved 29 August 2014.

External links

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