Board of LFP1 fired and faced with 41 million euro claim by shareholders

With a 96% versus 4% vote the shareholders of LFP1 yesterday dismissed the current board of directors, headed by David Mapley. Mapley got suspended by the Luxemburg regulator CSSF earlier this year for lying about his credentials when applying for his directorship at LFP1.

In a stormy EGM, shareholders cast their mistrust by dismissing David Mapley, Tudor Fedeles and Jacques Bossuyt as board members by an overwhelming majority.

The shareholders will nominate a new board shortly at a yet to be convened EGM. Furthermore, they filed a 41 million euro claim for damages against the former management.

Two years ago David Mapley who falsely claimed to be a fraud investigator at Intel Swiss took over the management of the fund after allegedly having discovered fraud. Later on, it turned out that Mapley had a fraudulent record himself and that his investigation firm “Intel Suisse” simply does not exist. It was further discovered how Mapley abused his mandate at LFP1 to extort one of the shareholders of the fund for over 2 million euros.

Events accelerated after Luxemburg commercial court, appointed last month a court administrator to convene an EGM at the request of shareholders to seek replacement of the board.

 2,146 total views,  12 views today

Luxembourg court slams David Mapley and Co. Appoints administrator to convene EGM

Yesterday judge Anick Wolff of the Luxembourg court of commerce rules that the shareholders of LFP1 Equity Power Fund (EPF) are fully in their right to demand an exceptional general meeting. During this EGM the shareholders want to dismiss the current board of directors. The court has ruled in favour of the shareholders and appointed an administrator to convene the EGM.

This court ruling comes at the end of a one and a half year battle between the majority of shareholders of EPF, requesting an EGM and the board of directors refusing to convene one. The majority of the shareholders are holding the current two directors and David Mapley liable for mismanagement in the fund and seek 41 million euro in damages from the trio.

 860 total views,  2 views today