Bermuda's Supreme Court ruled for the liquidation of Brazilian
private-equity firm Laep Investments Ltd, in
response to a reuqest by an investment fund, according to a
securities filing on Wednesday. Laep, which is based in Bermuda
but mostly operated from its offices in São Paulo, has been
under strain in recent years after some of its main investments
- including milk producer LBR Lácteos do Brasil SA and high-end
luxury retailer Daslú - failed to produce the expected returns.
According to the filing, GLG fund executives Michael
Morrison and Charles Tresh will take over control of Laep and
soon name their representatives in Brazil.