JERUSALEM — Boaz Manor, co-founder of collapsed investment company Portus Alternative Asset Management Ltd., has pleaded through his lawyer to receiver KPMG Inc. to reconsider moves towards placing the company into bankruptcy.
In the first communication from Mr. Manor’s Tel Aviv-area lawyer, Yehuda Weinstein, in more than a month, a letter sent to KPMG yesterday insisted that if all investments were left in place until maturity, investors could be repaid in full.
“Mr. Manor has informed us that he has in his possession critical information which is necessary for the receiver and the court to understand before taking such drastic measures as bankruptcy,” reads the letter, a copy of which was obtained by The Globe and Mail. “This information demonstrates that bankrupting Portus at this time will trigger a chain of events which will cause Portus investors large financial losses.”
KPMG is trying to recover more than $800-million in assets and alleges that Mr. Manor has failed to account for $20.7-million.
Mr. Manor has been living in Israel since the spring, after his hedge fund company was put into receivership by an Ontario court. He is now under a temporary order from an Israeli judge to remain in the country, and has had his bank accounts frozen.
