The public prosecutor’s office announced on Monday that it was investigating alleged damage of over 200 million euros to an investment fund. As part of the investigation, six people were searched, among others. One of them was named by name on the same day: the Luxembourg entrepreneur and grandson of the Cactus founder, Kindy Fritsch. He had a statement on the incidents published on Tuesday through his lawyer Philippe Penning.
Fritsch denies allegations
The letter emphasizes that the search and seizure measures represent a serious infringement on the rights of those affected. Fritsch is prepared to “take all necessary legal measures to protect his interests and those of those who have placed their trust in him.” He wants to hold both state and private actors who violated fundamental legal principles in the course of the proceedings and caused “significant economic consequences” accountable – if necessary also before European courts.
There is also criticism that Fritsch has not yet had the opportunity to present his point of view either in the two court proceedings or before the Financial Sector Supervisory Commission (CSSF) or the judicial authority. The entire procedure is based on “completely unfounded allegations” from a single minority investor from the financial sector. He initiated civil law proceedings in 2021, which were initially suspended and resumed in 2024. There is currently no verdict in the affair. Fritsch formally denies all allegations and alleged violations.
Amount of damages claimed from a person
As a result of interim measures through a unilateral application, “all the companies concerned were paralyzed” so that they “inevitably went bankrupt and had to be liquidated.” In this way, “dozens of companies” were wiped out in less than 24 months – even though they were supervised by regulated experts.
Fritsch also comments on the damage amount of over 200 million euros mentioned by the public prosecutor: This amount is claimed by a single person – the very investor whose own equity contribution was 800,000 euros. In addition, there is currently no “objective evidence” for the stated amount of damage, such as an independent report. (We)
