Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Fund renews hostilities with Tiny Rowland’s old firm

Fund renews hostilities with Tiny Rowland’s old firm

Cambria Africa, a closed-ended fund listed in London and focused on Zimbabwe, is suing its former manager Lonrho for around $10 million (£5.8 million).

Lonrho, the conglomerate built by Roland ‘Tiny’ Rowland, was a major shareholder in Cambria Africa and managed the fund until February 2012.

Cambria Africa had previously settled a dispute with Lonrho over ‘alleged fraudulent misrepresentations’ in July last year for $2.7 million (£1.6 million).

The fund is now seeking to rescind that agreement, and is pursuing additional claims regarding three aircraft previously owned by Cambria which were leased to former subsidiaries of Lonrho.

Cambria stated: ‘These alleged claims include (i) fraudulent misrepresentations by Lonrho to Cambria relating to the purchase of one of the aircraft by Cambria from Lonrho; (ii) breaches of contract, negligence and breaches of fiduciary duty resulting in (a) unpaid maintenance reserve and lease charges; (b) diversion of insurance claims proceeds by Lonrho to one of its subsidiaries which were properly due to Cambria; and, (c) loss of value of the aircraft due to the poor condition of the aircraft when they were repossessed by Cambria, including, but not limited to, missing engines, missing avionics, and missing propellers.’

Lonrho was taken private in May last year, after being bought by two Swiss investors. Its current business interests include infrastructure, agriculture and hotel management.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter