The €100 million vanishing act!
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By category, willingly named or anonymous..

From various General Meetings, Minutes, shareholder letters and social media discussions, a summary of the shareholder base is as follows :- the Euro 5.5 million Blackstar Commodities fund has almost 30 shareholders across different currency classes, US$ and €.

Institutional Shareholders - Citibank and Capital International
Citibank and Capital International represented investors retirement savings, with the attraction of liquid, low-risk investments yielding dividends appealing to their clients.

Institutional Shareholders - Life Companies
SEB Life, based in Ireland, this life company managed investors' pension monies and retirement savings, and issued "life-wrapper" bonds to investors against shareholdings in Blackstar. They never voted! So a defrauded investor basically had no way to represent his/her anger at general meetings of shareholders, or ask the piercing questions - however, the investigating director Mapley worked with a lot of shareholders, and helped provide some transparency re. the previous murky dealings!

Institutional Shareholders - Nominee Companies
Euroclear, Clearstream, Citibank, Capital International, these nominees other than Capital rarely pass on shareholder notices, and more importantly, never vote on behalf of shareholders. Net result, just a few active shareholders can decide the course of action for the whole fund.

Individuals
Private Investors from Europe and Namibia trusted in the regulatory environment in Luxembourg, to their cost! Representing more than 50% on the fund at suspension, they represent the morea ctive, disaffected investors who in some cases were marketed to directly by Matt Fagan-Curry, busy hiding the catastrophic commodities losses of his Blackstar colleagues whilst pulling in investment. The 3 investors from Namibia all invested in late 2014 and 2015, after the first 25% had been lost in Blackstar and concealed from investors by the Blackstar team in London.