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Kept $533 mn in fixed income assets: Byju's
Mint Mumbai
|September 14, 2023
Clarification after allegation that sum was invested in little-known fund
Byju’s on Wednesday disclosed that it invested more than $500 million in debt instruments, responding to investor concerns after American lenders alleged that the online tutor deliberately hid money in an obscure hedge fund.
Glas Trust Co., the trustee representing lenders who had extended a loan of $1.2 billion to the world’s most valuable education technology startup in November 2021, told a Florida court on 7 September that Byju’s transferred $533 million to Camshaft Capital Fund, a Miami-based hedge fund, allegedly established by a 23-year-old with no training or experience in investing. The lenders also told the court that the official address of the hedge fund in its regulatory filings is a US restaurant chain, IHOP.
Bloomberg reported on Glas Trust’s filing against Camshaft on Tuesday.
Glas Trust is also involved in a legal case against two of Byju’s US entities in a New York court as it seeks to recover outstanding funds.
This story is from the September 14, 2023 edition of Mint Mumbai.
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