Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

FSC - Financial Supervision Commission : Louis Group Structured Fund PLC and other companies and other companies – First Published 5 October 2012

10/25/2012 | 08:34am US/Eastern

The Financial Supervision Commission ("the Commission") has made announcements concerning intervention in the affairs of the Louis Group Structured Fund PLC and other companies under the Commission's powers or with the consent of the High Court. Further details are contained in announcements issued with this statement, which cover:

  • Louis Group Structured Fund PLC - appointment of persons to assume control of the affairs of the scheme, under section 13 of the Collective Investment Schemes Act 2008. Further details can be found here;
  • Louis Group (IOM) Limited - appointment of a manager under the Financial Services Act 2008. Further details can be found here;
  • Louis Group Structured Capital Limited, Louis Group International (Europe) Limited and LG SP Investments Ltd - appointment of joint liquidators provisionally on an ex parte basis pending a full hearing. Further details can be found here.

The Commission appreciates that investors will be anxious to establish the implications of today's announcements. This statement is linked to a "Frequently Asked Questions" ("FAQ") sheet which can be found here.

The FAQ sheet includes information for investors in:

  • Louis Group Structured Fund PLC
  • Secured Loan Notes ("SLNs")
  • Property Investment & Cessation of Securities Agreements ("PICS")
  • Property investment companies

Financial Supervision Commission

5 October 2012

In the event of queries please contact the Commission by e-mail at the following address: enquiries@fsc.gov.im

Alternatively, please write to the Commission at: Enquiries, Financial Supervision Commission, P.O. Box 58, Finch Hill House, Bucks Road, Douglas, Isle of Man, IM99 IDT.

5th October 2012

Updated 25 October 2012 as follows

LOUIS GROUP STRUCTURED FUND PLC - Report of Joint Company Inspectors

On 1 May 2012 by order of the High Court of Justice of the Isle of Man Mr Michael Simpson and Mr Gordon Wilson, both of PricewaterhouseCoopers LLC, were appointed as joint inspectors to investigate and report on the affairs of Louis Group Structured Fund Plc. The Court also ordered that the appointment of the inspectors should not be made public.

The joint inspectors' final report was submitted to the High Court on 21 September 2012. The findings in the report were relevant to the action taken by the Commission on 5 October 2012 - see previously issued statement of 5 October 2012.

An application was subsequently made to the High Court with regard to the publication of the Inspectors report. That application was considered by His Honour Deemster Doyle on 16 October 2012. A transcript of the judgment of Deemster Doyle in the matter has now been published on the Isle of Man Courts website and may be read on this link.

Immediately following this judgment a further application was made to the High Court seeking that publication of the Inspectors Report be stayed pending a proposed appeal. The second judgment of His Honour Deemster Doyle dated 16 October 2012 , regarding that application, has also now been published on the Isle of Man Courts website and may be read on this link.

On 23 October 2012, the High Court having been notified that the proposed appeal was not to proceed, His Honour Deemster Doyle lifted the restriction on publication imposed on 16 October 2012. The Commission is therefore now able to publish the report of the joint inspectors on the affairs of Louis Group Structured Fund PLC which may now be read on this link.

Financial Supervision Commission

25th October 2012

Financial Supervision Commission

P.O. Box 58

Finch Hill House

Bucks Road

Douglas

Isle of Man

IM99 1DT
01624 689300
01624 689399
distributed by
React to this article
Latest news
Date Title
03:28a NATIONAL BANK OF PAKISTAN : Chief of Army Staff promises revival of Pakistan hockey
03:18a SUZUKI MOTOR : holds the foundation stone ceremony of the new plant in Gujarat, India
03:14a Austrians rue starting fashion for Swiss franc mortgages
03:08a GOVERNMENT OF REPUBLIC OF LITHUANIA : Prime Minister’s official visit to Oman may open doors to yet another market
03:04a HOUGHTON MIFFLIN HARCOURT : Minnesota Book Awards finalists cover a broad spectrum
03:03a AGILE THERAPEUTICS : Announces $20 Million Private Placement and Provides Clinical Trial Update
03:03a TOA : releases new variable dispersion speaker HX-7.
03:00a DEUTSCHE BANK : Swings Back to Black as Restructuring Continues
03:00a CITIGROUP : AT&T PT Lowered to $32.00 (T)
03:00a CITIGROUP : Denmark’s central bank cuts rates further into negative territory
Latest news
Advertisement
Hot News 
BANCO ESPIRITO SANTO : Drought woes spread to another Brazilian state
BERKELEY MINERAL RESOURCES : Obsidian IR
Gulf Resources Announced Finding of Natural Gas Resources Under Its Bromine Well in Sichuan Area
RAMBLER METALS & MINING : Implements Revised Plan at the Ming Copper-Gold Mine
UNISYS : posts 4Q profit
Most Read News
01/31 U.S. regulators recall 2.1 million vehicles in new air bag issue
01/31 Lafarge SA, Holcim near deal to sell $7 billion in assets to CRH - WSJ
01:19a GM and China’s SAIC to push into Indonesia with no-frills vans
01/31 LAS VEGAS SANDS : Price Target Lowered to $72.00 at Stifel Nicolaus (LVS)
01/31 Firms prepare for new tax rules as China vows crackdown
Most recommended articles
03:14a Austrians rue starting fashion for Swiss franc mortgages
01:20a GM and China’s SAIC to push into Indonesia with no-frills vans
01:12a Islamic finance looks to outgrow bad habits as it expands
01/31 China factory sector jolts by shrinking in January
01/31 China official services PMI at one-year low in January
Dynamic quotes  
ON
| OFF