KPMG, the court-appointed receiver for Portus Alternative Asset Management, has filed documents that indicate nearly $250 million which investors put into the Portus hedge fund was sent to a Caribbean tax haven.

“We don’t understand why there would be money flowing offshore,” Bob Rusko, from accounting firm KPMG, told the Globe and Mail in a story published Saturday.

The hedge fund raised $730 million from 26,000 Canadian investors before regulators began questioning it earlier this year.

In documents filed with in court, KPMG says Portus appears to have wired $246 million to a Caribbean tax haven, the Globe reported.

No details about which haven were published.

On Friday March 18, the Ontario Securities Commission obtained a court order extending the appointment of KPMG as the receiver of all of Portus. The extension is to March 24.

At the March 24 hearing, the OSC will be seeking to further extend the receivership against all the above-noted parties. Portus will seek to terminate the receivership against it.

The court appointment, originally made March 4, 2005, authorizes KPMG to take control of any assets and preserve any documents of the above-noted parties. KPMG is also empowered to conduct investigations as appropriate and respond to questions and claims of Portus’ clients.