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
Recommend:
0

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
Recommend :
0
React to this article
Latest news
Date Title
<1m ago MERCK : Q2 adjusted EPS $0.85, vs. $0.81 estimate
<1m ago PFIZER : rallies 1.4% in pre-market after upbeat Q2 earnings
<1m ago HAGENS BERMAN : NCAA Concussions Settlement to Provide Medical Monitoring, Change Approach to Head Injuries
1m ago NETFLIX : Naija 'Netflix' adopts paywall, snubs Kenya
1m ago DGAP-NEWS : net mobile AG appoints interim CFO
1m ago GRAFTECH : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)
1m ago Satuit Technologies Celebrates 20 Years of Successful Growth
2m ago HOLLOWAY LODGING : and Royal Host Inc. announce successful amendment of the Royal Host Inc. debentures
2m ago 451 Report Reveals Massive Demand For Context Relevant’s Big Data 2.0 Applications Across All Verticals; Company Continues to Focus on Wall Street
3m ago GDF SUEZ : What is a Fab Lab?
Latest news
Advertisement
Hot News 
ESCHER : Half year trading update
STADIUM : makes Pounds 8m acquisition ; ACQUISITIONS coreena ford
ECLECTIC BAR : Pre Close Trading Statement
IPG PHOTONICS : Reports 14% Revenue Growth for Second Quarter 2014
PGT : to Acquire CGI Windows & Doors Holdings, Inc.
Most Read News
1d ago DARDEN RESTAURANTS : CEO to step down amid investor pressure, stock jumps
2h ago DEUTSCHE BANK : pretax profit rises as markets focus pays off
1d agoDJQBE INSURANCE : Warns 1st Half Results Won't Meet Expectations
1d ago MASCO : Delivers Operating Growth in Second Quarter 2014
1h ago Airbus halts sale of six A380s to Japan's Skymark
Most recommended articles
4m agoDJJuly U.S. Consumer Confidence Rises Well Above Expectations
5m agoDJDonetsk Shelled As Ukraine Continues Offensive
8m ago JPMORGAN CHASE : to cut tech support jobs as revenue dips: Bloomberg
10m agoDJBANCO BRADESCO : IBM Will Provide Support and Maintenance for Bradesco Unit Scopus
10m ago A mixed quarter for bets on U.S. stock volatility
Dynamic quotes  
ON
| OFF