Stock Groups

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

by Mike Robinson

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© Reuters. Kyle Bass is the founder of Hayman Capital Management. He spoke at the Reuters Global Investment Outlook Summit, New York (USA), November 14, 2018. REUTERS/Brendan McDermid/Files

(Reuters) – Former U.S. President Donald Trump’s advisor Steve Bannon received cash in exchange for a failed wager against the Hong Kong Dollar by Hayman Capital Management L.P. founder Kyle Bass, Bloomberg News reported Wednesday.

Bloomberg reported the U.S. Securities and Exchange Commission provided details in an enforcement case against GTV Media Group. This was a start-up with connections to Bannon and Chinese businessman Guo Wengui.

The report stated that the startup raised $339M through an unregistered sale of shares in the last year.

According to the report, $100 Million of these proceeds were transferred in June 2020 to Bass’s Hayman Capital Management. This was based on two sources with direct knowledge.

According to the report, 95% of $30 million invested by the hedge fund that holds positions in Asia currencies and the Hong Kong dollar was lost.

According to the report, neither Hayman Capital Management, nor Bass were accused of wrongdoing.

GTV joined three other media companies who agreed to pay $539M to resolve charges against them by the SEC for illegally selling stock and digital assets.

Hayman Capital Management spokesperson did not respond immediately to Reuters’ request for comment. GTV Media couldn’t be reached for comment.

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