Spanish firm seeks €3.24m from OMI

A SPANISH company has asked the Commercial Court to order an Irish-registered investment fund to pay out €3.24 million it claims it was due but which it says was stopped following the discovery of Bernard Madoff’s multi-billion dollar fraud activities.

Irish-registered fund, Optimal Multiadvisors Ireland (OMI), is opposing proceedings from Consulnor Gestion SGIIC SA which is seeking summary judgment over alleged failure to pay out the €3.24m due to investors in redemption monies.

OMI is a “feeder fund” which invests its assets in shares in a Bahama’s registered master fund, Optimal Multidvisors Ltd, (OMA). It (OMA) traded through a subsidiary, Optimal Strategic US Equity Ltd which in turn invested assets with Madoff’s now bankrupt company.