Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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: 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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news
Date Title
06:36p THOMSON REUTERS : To Increase Insight into Russian Commodities and Energy Market on Thomson Reuters Eikon with Kortes Acquisition | Thomson Reuters
06:36p MICROSOFT : Trade Setup
06:36p NISSAN MOTOR : ProPilot leads the way for autonomous technology at Ise-Shima G7 summit
06:36p MCAN MORTGAGE : MCAP Files Preliminary Prospectus for IPO, Including a Secondary Offering of Shares Owned by MCAN
06:36p SUEZ ENVIRONNEMENT : Bulding the future of environmental technologies
06:36p ALERUS FINANCIAL : Declares Cash Dividend on Common Shares
06:36p GOVERNMENT OF SASKATCHEWAN : Crop Report for the Period May 17 to 23, 2016
06:36p CONSUMERS : International standards help transparency of online platforms
06:35p TRANSMONTAIGNE PARTNERS L.P. : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
06:35p CORRECTION - FTE Networks Is Awarded New Multi-Year Services Contract in Five Markets With Leading Fortune 100 Company
Latest news
Advertisement
Hot News 
SHAREHOLDER UPDATE : Rosen Law Firm Reminds DS Healthcare Group, Inc. Investors of Important May 31 Deadline in Expanded Class Action
MARSHALL MOTOR : Buys Ridgeway Garages For GBP106.9 Million
REGENCY MINES : Investment
HOSTELWORLD : Second-Quarter Trading Hit By Challenges In Europe
TECHFINANCIALS : Plans B2C Trading Platform Recovery
Most Read News
05/25DJUS Foods Prices IPO at $23 a Share
05/25 Microsoft to cut 1,850 jobs at struggling smartphone unit
Most recommended articles
12:33p FTSE steadies at close after climbing to one-month high
12:31pDJPOWELL : Fed Could Raise Rates 'Fairly Soon,' but Sees Gradual Pace
12:20p USD/JPY Downside Targets on Radar Ahead of Japan CPI Report
12:16pDJU.S. Stocks Waver After Two-Day Rally
12:12p McDonald's French headquarters searched in tax probe - sources