Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/25/2012 | 02:34pm CEST

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: [email protected]

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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
11:07a KENYA AIRWAYS : Ebola - FG, Lagos Query Kenya Airways Over Corpse Repatriation
11:07a CHINA MACHINERY ENGINEERING : Kaduna, Chinese Firm Sign Pact for New Kaduna Refinery
11:06a TESCO : Rule 2.9 announcement - securities in issue
11:06a SANDS CHINA : Poll Results of the 2017 Annual General Meeting
11:06a SHAWBROOK : Form 8.5 (EPT/RI) - Shawbrook Group Plc
11:06a SPECSAVERS OPTICAL : Helping Sound Seekers provide urgent hearing care
11:06a METEORIC RESOURCES NL : Additional Information a
11:06a FIH MOBILE : Change of company name and address of principal share registrar and transfer agent in the cayman islands
11:06a DEBENHAMS : Womenswear AW17
11:06a METEORIC RESOURCES NL : to Acquire High Grade Cobalt and Sudbury Style Polymetallic Projects a
Latest news
Advertisement
Hot News 
8.70%RESTAURANT : reports less-than-expected dip in sales
7.16%SPIRAX SARCO ENGINEERING : Sarco to buy thermal tech firm Chromalox for $415 million
-3.71%PETROFAC : FTSE outperforms weaker start for European shares as sterling drops
-0.28%SAFRAN : investor TCI says reduced offer for Zodiac still too high
-0.76%VOLKSWAGEN : California says VW clean car spending plan has shortcomings
Most Read News
05/25DJBOC AVIATION : Unit Agrees to Buy Six New Aircraft From Airbus
05/25 VIACOM : Paramount Pictures Heats Up “BAYWATCH” Film Release with Partner Campaigns
05/25 SANTOS : appoints Vanessa Guthrie as a Director
05/25 POLICE : Iowa City man called protected party more than 900 times from jail
05/25 COSON : Accolades as COSON opens ultra-modern complex
Most recommended articles
05/22 NOBLE : shares tumble after S&P ratings downgrade
04:54a SAFRAN : investor TCI says reduced offer for Zodiac still too high
04:50a JAPAN POST INSURANCE : big insurers expand their appetites for U.S. Treasuries
04:36aDJTESCO : Investec Bank plc Form 8.5 (EPT/RI) - Tesco Plc
04:32aDJLONDON MARKETS : FTSE 100 At All-time High, With The Pound Knocked Below $1.29