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 Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter