Kuramo Capital Accuses Congo Investment Partner of Looting Plant

April 21, 2021, 3:39 PM

A Kuramo Capital Management LLC fund filed suit in Delaware, seeking to oust the manager of its investments in a Democratic Republic of the Congo palm oil plant over his alleged scheme to loot the business by restructuring a complex web of entities with overlapping ownership stakes.

Larry Seruma of Nile Capital Management LLC “has engaged in a pattern of stealing assets and opportunities rightfully belonging to Kuramo,” hiding his own “fraudulent or criminal activity,” and overseeing operations that “potentially could constitute criminal acts” under Congo law, the complaint says.

Seruma and Nile Capital didn’t respond to requests for comment ...

To read the full article log in. To learn more about a subscription click here.