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Bermuda regulator seeks to wind-up IPOC group, prompts intelligence firm to seek stay of US lawsuit

Bermuda Supreme Court has set a date of April 27th to hear an application by a local regulator to have a provisional liquidator appointed over a mutual fund group that allegedly exists to launder the proceeds of corruption by a Russian government minister. A petition to involuntarily wind-up IPOC Capital Partners Ltd., IPOC International Growth Fund Ltd., Gamma Capital Fund Ltd., Convergence Capital Ltd., Com Tel Eastern Ltd., First National Telecommunication Fund Ltd., Convergence Capital Management Ltd., Augmentation Investments Ltd., and Telco Overseas Ltd. was presented to the court on January 12, 2007 by Bermuda's Registrar of Companies.