Hedge Fund Brokwel Management Sues Venezuela for $20m Loans Default

(Times Online) A secretive hedge fund is suing the Venezuelan government for allegedly defaulting on more than $20m (£15.5m) of loans. Brokwel Management, which gives its address as a skyscraper in Panama, has filed a High Court claim in London alleging that Venezuela failed to repay $17.8m that fell due last August, plus $2.4m interest. The case has echoes of the 14-year battle between the aggressive US hedge fund Elliott Advisors and the government of Argentina, which defaulted on its debts.

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