Nassau-based Cardinal International Fund Services Ltd. was due to exit the fund administration business effective December 31, 2004, in the midst of an investigation by the Securities Commission of the Bahamas.
Cardinal unexpectedly announced its plans to close within weeks in late 2004. In announcing the decision, the firm’s Chairman, Stephen Hancock, claimed the Board of Directors “had concluded that the economic outlook for fund administration both internally and as a jurisdiction created insufficient comfort to warrant the continuation of the business”. However, the abrupt nature and timing of the closure announcement indicated there were other reasons.
Articles Bahamas Canada Fraud InvestmentDecember 31, 2004
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Cardinal International Fund Services Ltd. Cinar Corporation Globe-X Canadiana Globe-X Management Ltd. Norshield International