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Kyle Bass’s failed Hong Kong short got Bannon-linked cash – Bloomberg News

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Oct 13 (Reuters) – Hayman Capital Management L.P. founder Kyle Bass’s failed wager in opposition to the Hong Kong greenback got cash linked to former U.S. President Donald Trump’s adviser Steve Bannon, Bloomberg News reported on Wednesday.

The particulars had been laid out by the U.S. Securities and Exchange Commission in an enforcement motion in opposition to GTV Media Group, a startup with ties to Bannon and Chinese businessman Guo Wengui, Bloomberg reported. (https://bloom.bg/3v7EFsL)

The startup had raised $339 million by an unregistered share sale final yr, the report mentioned, citing the securities regulator.

In June 2020, $100 million of these proceeds had been transferred to a hedge fund that’s managed by Bass’s Hayman Capital Management, the report mentioned, citing two individuals with direct data of the matter.

The hedge fund, which takes positions within the Hong Kong greenback and different Asian currencies, misplaced 95% of the $30 million it invested, the report added.

Hayman Capital Management or Bass, nonetheless, haven’t been accused of any wrongdoing, the report mentioned.

Last month, GTV was amongst three media firms that agreed to pay greater than $539 million to settle fees with the SEC that they illegally bought inventory and digital belongings to hundreds of buyers. learn extra

A spokesperson for Hayman Capital Management didn’t instantly reply to a Reuters request for remark. GTV Media couldn’t be reached for remark.

Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber

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