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
38m ago ALLIANCE : Net Asset Value(s)
48m ago C&C : Form 8.3 - C&C Group PLC
48m ago C&C : Form 8.3 - C&C Group Plc
48m ago C&C : Form 8.3 - C&C Group plc
48m ago C&C : Form 8.3 - C&C Group Plc. - Replacement
48m ago C&C : Form 8.5 (EPT/RI)
48m ago C&C : Form 8.5 (EPT/RI) C&C Group Plc
48m ago C&C : Form 8 (DD) - C&C Group Plc
53m ago INTERTEK : Blocklisting Interim Review
53m ago HORNBY : Half Yearly Report
Latest news
Advertisement
Hot News 
SNOOZEBOX : Providing Temporary Hotel For Premier Oil
FAIRFX : Taps John Pearson To Replace Co-Founder As Chairman (ALLISS)
MOL GLOBAL : ATTENTION MOL GLOBAL SHAREHOLDERS: Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of MOL Global, Inc.
S&P 500 MOVERS : Gme, rost
FULLER SMITH & TURNER : Pub operator Fuller's first-half profit rises 8 pct
Most Read News
1h ago COMCAST : United States: Faulty Damages Model Leads To Partial Decertification
1h ago DUKE ENERGY : OUCC urges denial of Duke infrastructure plan
1h ago MERCHANTS BANCSHARES : Announces Appointment of Chief Executive Officer of Merchants Bank
1h ago ACTIVE STOCKS TO WATCH : Sapient Corp., Canadian Imperial Bank of Commerce, McGraw Hill Financial, Inc., Cia Energetica de Minas Gerais, Leucadia...
1h ago FOOD RECALL WARNING (ALLERGEN) : CO-OP The Marketplace Brand Smokey Sweet BBQ Meat Products Recalled Due to Undeclared Mustard
Most recommended articles
5h ago AVIVA : says will compensate customers sold wrong annuities
7h ago Albanian opposition rallies against tax, power burden
8h agoDJLavrov Says West Is 'Seeking Regime Change' in Russia
9h ago SGL says in talks with many carmakers to supply carbon fibre parts
10h ago Swiss agency has more queries over Etihad plan to buy Darwin stake
Dynamic quotes  
ON
| OFF