The Sunday Times reports that Florian Homm, the co-founder and CIO of AIM-listed Absolute Capital Management, who looks after $2.3bn in assets, is recovering after being shot by armed robbers in Caracas, Venezuela.
According to the newspaper, Homm, 47, was travelling from the airport with a friend on November 16th when they were both shot in the chest by a man on a motorcycle. Absolute issued a statement Friday, which said that 'Florian and his friend each received a pistol wound, none of which was life-threatening.......He is in constant contact with the team in Europe'.
And talking of folks who are likely to get shot, The New York Times reports that Chinese authorities confirmed Friday that a government audit has found that $900m has been misappropriated from the country's $37bn social security fund. According to the newspaper, 'most of the money is said to have been siphoned off for foreign investments, building projects and commercial loans'. No arrests have yet been made.
The Chinese government also said that it dealt with147,000 corruption cases in 2005, and uncovered over $60bn in irregularities at the big four state-owned banks.