April 24, 2024


Unlimited Technology

Kyle Bass’s failed Hong Kong short got Bannon-linked cash – Bloomberg News

Kyle Bass, founder of Hayman Capital Management, speaks during the Reuters Global Investment 2019 Outlook Summit in New York, U.S., November 14, 2018. REUTERS/Brendan McDermid/Files

Oct 13 (Reuters) – Hayman Capital Management L.P. founder Kyle Bass’s failed bet against the Hong Kong dollar got cash linked to former U.S. President Donald Trump’s adviser Steve Bannon, Bloomberg News reported on Wednesday.

The details were laid out by the U.S. Securities and Exchange Commission in an enforcement action against GTV Media Group, a startup with ties to Bannon and Chinese businessman Guo Wengui, Bloomberg reported. (https://bloom.bg/3v7EFsL)

The startup had raised $339 million through an unregistered share sale last year, the report said, citing the securities regulator.

In June 2020, $100 million of those proceeds were transferred to a hedge fund that is managed by Bass’s Hayman Capital Management, the report said, citing two people with direct knowledge of the matter.

The hedge fund, which takes positions in the Hong Kong dollar and other Asian currencies, lost 95% of the $30 million it invested, the report added.

Hayman Capital Management or Bass, however, have not been accused of any wrongdoing, the report said.

Last month, GTV was among three media companies that agreed to pay more than $539 million to settle charges with the SEC that they illegally sold stock and digital assets to thousands of investors. read more

A spokesperson for Hayman Capital Management did not immediately respond to a Reuters request for comment. GTV Media could not be reached for comment.

Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles.

Source News