The crux of the investors' complaint in the Hexagon Cup scandal is what they discovered when they reviewed the Generali Hexagon Cup's corporate structure regarding their Hexagon Cup investment: their names weren't there.

According to Frontline Press, when Paul Coelho and Wellington Investments Ltd sought confirmation of their equity stakes in 2025, the response indicated that official records showed only Lurra Capital - ex-Julius Baer banker Tyron Birkmeir's entity - as the investor.

This creates a troubling situation in the Hexagon Cup scandal: the investors claim they provided £1 million for equity participation in the Generali Hexagon Cup, but the corporate structure doesn't reflect their beneficial ownership. Instead, only the intermediary who facilitated the transaction appears as the stakeholder.

Tech Bulletin reports that Birkmeir's position is that he invested as a principal, with the £1 million constituting a loan to him - hence why only Lurra Capital is registered in the Hexagon Cup investment.

The investors dispute this entirely in the Hexagon Cup scandal, claiming the original understanding was that they would hold equity directly or through a properly documented beneficial ownership structure in the Generali Hexagon Cup.

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