The CSSF has suspended David Mapley from his duties as the director of the Luxembourg-domiciled LFP 1 Equity Power Fund. The regulator claims Mapley, a vocal critic of the CSSF, had provided ‘incomplete and incorrect information’ on his application to be the fund’s director.
Therefore, the CSSF considers him ‘no longer suitable for any mandate subject to the CSSF’s approval’, and decided that Mapley ‘no longer satisfies the requirement of good repute (“honorabilité professionnelle”)’.
Only last month, Mapley (pictured) accused the CSSF of failing to prevent the defrauding of some €50 million in assets from the L
FP 1 Equity Power Fund between 2016 and 2019, and hindering his efforts to recoup the lost assets.
The regulator said Mapley had provided ‘incomplete and incorrect information (…) in the context of a declaration of honour submitted during the authorisation process [of his directorship of the LFP 1 Equity Power Fund, which he assumed in December 2018].’ The decision means Mapley will be forced to step down and cannot assume any other mandate ‘subject to the CSSF’s approval’ for four years, the regulator added.
In correspondence seen by Investment Officer, the CSSF blames Mapley for not having reported his directorship of a number of Cayman Islands-based investment funds that were subject to enforcement proceedings by the local authorities in 2014. The 60-year old Briton, who also runs a wind farm company in the UK, says the regulator’s claim is unfounded as he resigned from the said funds in 2002. Mapley alleges the ‘false information’ was provided by Hans Noomen, a former advisor to the LFP 1 Fund at the time when up to €50 million in assets disappeared from its books. Responding to questions by Investment Officer, Noomen denied Mapley’s accusations.
Mapley said he will appeal the CSSF decision through a process in the administrative court.