By Elliot Gulliver-Needham Beleaguered French investment firm H2O Asset Management has suffered a fresh blow after its auditors warned that the firm’s accounts “do not give a true and fair view” of its current financial position. But how did it end up here? Between 2015 and January 2020, H2O AM invested €2.3bn in illiquid private debt securities linked to controversial German financier Lars Windhorst. Revelations of these investments triggered an investor flight in 2019, prompting French regulator Autorité des Marchés Financiers to order the firm to freeze three of its funds. While it had name…