PHI Group Inc (PHIL)

[pivotpoint1]

actually surprised not more volume here.. This is a major Press release.. FIRST-EVER VIETNAM-RELATED LUXEMBOURG BANK FUND LAUNCHED
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June 12, 2020 09:00 ET | Source: PHI Group, Inc.

New York, June 12, 2020 (GLOBE NEWSWIRE) -- PHI Luxembourg Development S.A., a Luxembourg-based subsidiary of PHI Group, Inc., (www.phiglobal.com, OTC Markets: PHIL), announced today that it has successfully activated the first-ever Luxembourg bank fund for the Vietnamese economy, PHILUX Global Funds (www.philux.eu), a Reserved Alternative Investment Fund (RAIF).

PHILUX Global Funds plans to create a number of subfund compartments over a period of time for investments in real estate, renewable energy, agriculture, healthcare and education in Vietnam. Initially, the fund intends to focus on the development of the Free-Trade Zone in the Chu Lai Open Economic Zone in Quang Nam Province, which will house the Chu Lai Multiple Commodities Center (CMCC) and the Asia Diamond Exchange (ADE), the first-ever rough diamond exchange to be established in the Asian Hemisphere comparable to the Antwerp (Belgium) and Dubai (UAE) exchanges.

The Company would like to take this opportunity to thank Dr. Ben C. Smet - our fund structuring agent and global program manager, Messrs. Pierre Delandmeter and Yannick Deschamps of DLP Law Firm – our Fund attorneys, VCI Legal – our Vietnamese Attorneys, Hauck & Aufhauser – our custodian bank and alternative Investment Fund Manager (AIFM), Atoz Tax Advisers Luxembourg – our Luxembourg tax adviser, Ernest Young Luxembourg and Ernest Young Vietnam – our auditors, Cushman Wakefield Vietnam – our Vietnam independent valuator, PHILUX Capital Advisors, Inc. – our investment adviser and particularly The Luxembourg Financial Sector Supervisory Commission (CSSF), as well as our other committed friends and colleagues for their dedication, diligence, patience and support in the successful establishment and activation of our PHILUX Global Funds.

Henry Fahman, Chairman of PHILUX Global Funds, stated: “We are very pleased to have reached this significant milestone in activating the first-ever Vietnam-related Luxembourg bank fund. Not only will Vietnam stand to benefit tremendously following the secular trend after the global coronavirus disruptions, but this will also provide excellent investment opportunities in our fund compartments as we undertake major initiatives that should bring rewards for our investors.”


https://www.globenewswire.com/news-release/2020/06/12/2047457/0/en/FIRST-EVER-VIETNAM-RELATED-LUXEMBOURG-BANK-FUND-LAUNCHED.html


question is.. jmho.. do they open diamond exchange first?