Scottish Tycoon and multimillionaire, Greg King, is at the centre of a criminal probe into a £400-million hedge fund collapse. Currently based in in Spain, King, 46, has returned to Glasgow and refuses to issue any form of apology to investors.
His hedge fund, Heather Capital, collapsed in December 2014. This is the first time that he has been seen in Scotland since the collapse. Reporters approached him outside of his family mansion, which is located on the south side of Glasgow. King referred all questions to Carter Ruck, the blue-chip legal firm that represents him.
Investors channelled money into Heather Capital, which in turn directed substantial loans to Mathon, a subsidiary firm, for development. Investors claim that the plots were of low value, and that no development actually took place.
When pressed by reporters, King replied, “I am only back in Scotland for one day, but any comment should come from my lawyers, Carter Ruck.”
He was then asked whether he would like to address any comments to the investors who lost out in the deal. He answered, “Any questions about that would have to go to Carter Ruck.”
This pattern continued, with each question summarily deferred to his law firm. One reporter jokingly asked whether he could comment on the colour of his jumper, or whether they should also address that question to Carter Ruck.
His smiling reply: “Yes, I think you probably should.”
The fund officially launched in 2004, and investors responded enthusiastically. Heather then went out of business in 2010, and accountants found that substantial sums had been paid to several controversial businessmen. Liquidators who worked for Mahon say that their loan book was a “sham” designed to conceal possible embezzlements at the director level.