The Isle of Man-based Quadris Environmental Forestry Fund is/was an unregulated collective investment scheme (“UCIS”) investing in forestry plantations in Brazil. The fund was set up in 2001 and had more than £100m invested in teak plantations managed by a Brazilian company called Floresteca who managed over 100,000 hectares of forestry land at the time.
In 2016, directors of Quadris Environmental Forestry Fund PCC Plc posted a $20m loss, with the auditors saying there were significant concerns about the company’s ability to continue. In early 2017 the fund was suspended leaving 1200 investors fearful of losing all or a substantial part of their money.
Following that, it was declared in default by US hedge fund Crestline Arvore who appointed a receiver. Quadris’s bank accounts were frozen, leaving around 1,200 investors high and dry without any redress.
Newport have been contacted by dozens of investors in this fund to help seek redress for multiple failings by the pension trustees, banks, directors’, auditors and insurance companies that facilitated and mis-managed this fund. We are looking for others to join the group action to seek redress from those who benefitted and have tried to sweep this under the carpet over time.
The more investors that group together the better the chances of getting redress in a cost-efficient manner. We are looking for investors all over the world as many were unsuspecting pensioners who retired outside the UK.