Various Shareholder Comments

Hanjo Schablitz, IFA representing Blackstar investors
As an IFA representing clients with retirement savings, I trusted in the Luxembourg regulatory environment and the big names involved as auditor, custodian bank, and administrator. After 100% losses of these investments in 2017, and the discoveries via the new investigating director in 2019/20, I am shocked at the scale of fraud in this Ponzi scheme, and furthermore the lack of action by law enforcement and the regulator in Luxembourg. How can I ever recommend a Luxembourg fund to clients ever again, where zero investor protection makes way for glitzy marketing of this financial centre!!
My clients' lives have been ruined, Luxembourg marches on with no guilt or shame whatsoever!!

Terry Harvey, UK investor
"I invested my retirement savings in this liquid, regulated fund - only to find out the auditor and regulator gave a carte blanche to a Ponzi scheme and committed fraudsters"..

Brigitte Klose
The savings that were invested in the Blackstar Commodities Fund were a substantial portion of my life savings received in a terrible divorce from my husband. Without access to these funds, I’ve had to start relying on family members and friend for my monthly support. I always held Luxembourg in high regard with how it has managed to build up the perceived financial reputation, only to be bitterly disappointed with its complete lack of oversight in publicly regulated investment funds. As a European living in Africa, I really did not expect to be robbed by my own kind.

Udo Schluckwerder
Blackstar Commodities Fund swallowed the only inheritance I received from my late mother who resided in Germany on her death. Even though my IFA performed a complete and in-depth due diligence with regard to the registration of the fund with the regulator and published audited annual financial statements by PWC, my investment disappeared over night. My rights as a shareholder in a prominent and regulated environment like Luxembourg have been totally disregarded though sly legal maneuvering by not only the administration company, but also the directors of the management company of the funds. Nothing has come of our cries against this atrocity.

David Mapley, Investigating Director, 2018-2020
A horrendous debacle from start to finish, with zero accountability at every level. No investor should have any confidence in the workings of the Luxembourg financial markets! It seems that the Blackstar team have a lot to answer for...
From total failure to extensive cover up, the ultimate ignominy was when the CSSF told complaining shareholders that they were well-informed so "hard luck"!

Hartmut Rechholtz
The worst aspect of losing money that one invests is the fact that the losses didn’t occur because of poor investment decisions, but because of fraud and corruption. I’m appalled that a company such as Blackstar and its illegal dealings can go unnoticed by the regulator, the administration company as well as the auditors. The worst aspect of this whole debacle is that the exact same company, with the exact same directors is still operating out of the UK, using the exact same name. That is a far as you can get from justice.