FG Capital Management, Ltd. is an American

investment management firm Investment management (sometimes referred to more generally as financial asset management) is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified inve ...

based in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

that focuses on equity investments and

debt restructuring Debt restructuring is a process that allows a private or public company or a sovereign entity facing cash flow problems and financial distress to reduce and renegotiate its delinquent debts to improve or restore liquidity so that it can continu ...

in emerging markets.Huang, Daniel
What Happens When the Vulture Funds Start Circling
''Wall Street Journal'', June 25, 2014 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.

FG Hemisphere Associates

FG Hemisphere Associates is a "special-purpose vehicle", managed by FG Capital, which purchases

sovereign debt A country's gross government debt (also called public debt or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occ ...

claims where countries rich in natural resources have 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 transparency reforms will recapture this lost revenue for the public coffers."

Sovereign debt

FG Capital Management sued the

Democratic Republic of the Congo The Democratic Republic of the Congo (DRC), also known as the DR Congo, Congo-Kinshasa, or simply the Congo (the last ambiguously also referring to the neighbouring Republic of the Congo), is a country in Central Africa. By land area, it is t ...

for $100 million after acquiring debts owed to

Energoinvest Energoinvest (full name: Energoinvest, d.d. - Sarajevo) is a Bosnian multidisciplinary engineering and energy company with headquarters in Sarajevo, Bosnia and Herzegovina. History Energoinvest was established as a small design office under the ...

for $2.6 million. Former Bosnian prime minister, Nedzad Brankovic, approved the deal and was investigated on corruption charges during his stint at EnergoInvest.

Bosnian Police Law enforcement in Bosnia and Herzegovina is the responsibility of an EU-sponsored Bosnia police force to which the role of maintaining security in the region was handed over from the United Nations's 1,800 strong International Police Task Force. ...

reported that Brankovic acted illegally in selling the debt, which was owned by the country, but sold personally, and recommended he be charged. A court in the

Jersey Jersey ( ; ), officially the Bailiwick of Jersey, is an autonomous and self-governing island territory of the British Islands. Although as a British Crown Dependency it is not a sovereign state, it has its own distinguishing civil and gov ...

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 England is a Countries of the United Kingdom, country that is part of the United Kingdom. It is located on the island of Great Britain, of which it covers about 62%, and List of islands of England, more than 100 smaller adjacent islands. It ...

, which blocked FG Capital from collecting on the debt.

References

{{reflist, 2

External links

Official FG Capital website
Companies based in New York (state) Financial services companies based in New York City Investment management companies of the United States American anti-corruption activists

FG Hemisphere Associates

Sovereign debt

See also

References

External links