Clanwilliam backer Eli Global in US federal investigation

A key financial backer of Irish private equity firm Clanwilliam Group has been embroiled in a US federal investigation.

Eli Global and its founder and chairman Greg Lindberg are subjects of an investigation relating to “drug offences, crimes against financial institutions, or money-laundering crimes” according to US media reports.

A spokesperson for Eli Global said the company was aware of the investigation. “We intend to co-operate with the government and provide information it requests. We are continuing to operate as usual, and our entire team is focused on serving our clients and businesses,” the spokesperson said.

There is no suggestion of any wrongdoing on the part of the Clanwilliam Group or any of its employees. Clanwilliam said it would not be affected by the investigation.

“We are not a subsidiary of Eli Global LLC despite the fact that the two companies have a common shareholder/investor,” a spokeswoman for the company told the Irish Independent.

Clanwilliam is cited among ‘portfolio highlights’ on Mr Lindberg’s personal website.

In the most recent Companies Registration Office Documents, he is listed as a director of Triton Financial Ltd, itself listed as the sole shareholder in Clanwilliam Headquarters Ltd.

The latter company is listed as the owner of the Clanwilliam Group name.

Clanwilliam was born out of an investment in Helix Health, a medical software business, by Eli Global a number of years ago. Clanwilliam boss Howard Beggs – who founded Helix – said in an interview with ‘UCD Business Alumni’: “In 2014, the US investment company Eli Global came in and together we created Clanwilliam Group, which is effectively the holding company for all of the businesses … using Eli’s offshore resources, we now have finance and development functions based out of a centre of excellence in India”.

There is no suggestion Mr Beggs is under investigation.

Source: Read Full Article