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”) for a period of 4 years’.
Only last month, Mapley accused the CSSF of failing to prevent the defrauding of some €50 million in assets from the LFP 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.
The CSSF didn’t elaborate on the nature of the incorrect information Mapley supposedly provided. Mapley says the CSSF accuses him of withholding information on his application to be a director of the LFP 1 Equity Power Fund in 2018. The 60-year old Briton, who also works for a Caymans Islands-based investment adviser and runs a now-defunct wind farm company in the UK, says this ‘unfounded claim’ was provided by Hans Noomen, a former advisor to the fund when up to €50 million in assets disappeared from its books. Responding to questions by Investment Officer, Noomen denied Mapley’s accusations. The website reporter.lu said Mapley lied about his CV, which he denies.
Mapley said he will appeal the CSSF decision through a process in the administrative court.