Lars Says Sorry

Lars Says Sorry

Lars Windhorst, the German financier at the centre of the H2O scandal, has apologized to investors who lost money. H2O, a French asset management vehicle owned by Natixis, has been found guilty by regulators have failing to respect illiquidity rules. As a result, Euro 1.6 billion of investor money is frozen in investments ranging from lingerie making to kicking footballs. Windhorst has promised to repay investors from the proceeds from gains from his new investment vehicle, Tennor International. He is currently working on a Congo-based minerals deal.

UniCredit Increases Commerzbank Position

UniCredit has announced that it now holds an exposure of 28 per cent in Commerzbank, up from 21 per cent. This increase has been achieved using derivatives. The bank owns 9 per cent directly and has sought approval to increase its holding beyond 10 per cent. A decision will be known within 90 days. The German government is opposed to a takeover of the bank for political reasons.

Reeves Takes Bankers on Chinese Expedition

UK Chancellor, Rachel Reeves, will be accompanied with senior UK bankers next month on a trip to China. The trade mission will seek to enhance collaboration on capital markets, trading connectivity and regulation. The UK government is currently keen to keep China out of a list of nations that pose a security risk to the country and require business disclosure in a central register.

FCA Purses Client Funds Fraud

The Financial Conduct Authority has charged John Dance, owner of WealthTek, with fraud in relation to £64 million of client funds. It is alleged that he used the money to buy racehorses and nightclubs.