An investor $($the $$Investor A$)$ contributes an asset in an investment fund $($the $$Fund$).$ The auditor of the Fund $($the $$Auditor$)$ is releasing a special report on the valuation of the asset confirming the minimum value of the asset. The board of the Fund $($the $$Board$)$ accepts the contribution of the asset on the basis of the Auditor$$s report. By accepting the contribution in kind, the Fund did however not have sufficient capital for make other investments during this period of time. Six months later the Fund$$s portfolio is revalued and it appears that the value of the assets is much lower than the value stated in the Auditor$$s special report. Another investor in the Fund $($the $$Investor B$)$ is unhappy as the performance of his investment in the Fund is now diluted. Investor B requires from the Board and the Auditor an explanation why the asset from Investor A was accepted at such a high value. The Board replies by saying that it relied on the special report of the Auditor. According to the Auditor, the value retained for its special report was based on documents provided by an independent valuation agent $($the $$Valuer$).$ Unfortunately, the Valuer has recently been arrested for falsification of documents and the State Prosecutor is claiming a fine of EUR $25,000$ and an imprisonment of six months for the Valuer.

$($i$)$ For the matter at hand, please list the civil actions which are possible for Investor B in light of the three elements necessary to trigger civil liability? Please differentiate between actions triggering the contractual liability from actions triggering the liability in tort.

$($ii$)$ By analyzing the requirements necessary to evidence a damage, please explain to which extent Investor B could start an action against the Board for having missed other investment opportunities for the Fund which could have generated a better return for the Fund?

$($iii$)$ Please identify whether there is a criminal procedure in the matter at hand and compare in general criminal law and compare civil law liability.