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

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Heyman Capital Management founder Kyle Bass speaks during the Businesshala Global Investments 2019 Outlook Summit on November 14, 2018 in New York, United States. Businesshala/Brendan McDermid/Files
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(Businesshala) – Heyman Capital Management LP founder Kyle Bass’s unsuccessful bet against the Hong Kong dollar has been linked to Steve Bannon, an adviser to former US President Donald Trump, Businesshala News reported on Wednesday.

As Businesshala reports, the US Securities and Exchange Commission gave details in an enforcement action against GTV Media Group, a startup with ties to Bannon and Chinese businessman Guo Wengui.

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The report, citing the securities regulator, said the startup raised $339 million through unregistered share sales last year.

In June 2020, $100 million of those proceeds were transferred to a hedge fund that is managed by Bass’s Heyman Capital Management, the report said, citing two people with direct knowledge of the matter. .

The report noted that the hedge fund, which denominates the Hong Kong dollar and other Asian currencies, lost 95% of its $30 million invested.

The report said that neither Heyman Capital Management nor Bass have been accused of any wrongdoing.

Last month, GTV was among three media companies that agreed to pay more than $539 million to settle allegations with the SEC that they illegally sold stocks and digital assets to thousands of investors.

A spokesman for Heyman Capital Management did not immediately respond to a Businesshala request for comment. GTV Media could not be reached for comment.

Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber

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