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
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Financial Supervision Commission
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P.O. Box 58
Finch Hill House
Bucks Road
Douglas
Isle of Man
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IM99 1DT
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01624 689300
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01624 689399
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