PRESS RELEASE 5 September 2008
BELGRAVIA FINANCIAL SERVICES GROUP LIMITED - UPDATE Nº2
Further to our update of 2 September 2008, the Commission advises that Directions were issued on 1 September 2008 to:
Belgravia Asset Management Limited;
Belgravia Atherstone Asset Management Limited; and
Belgravia IFN Asset Management Limited
(collectively the “Belgravia Fund Managers”).
The Directions require that all issues, redemptions or conversions of any shares, limited partnership interests, units or holdings of all classes in the following funds, including all sub-funds and cells thereof, are suspended with immediate effect:
Belgravia Atherstone Funds PCC;
Belgravia European Property Funds Limited;
Belgravia Funds PCC;
Belgravia Gold and Resources Fund LP;
Belgravia IFN Funds PCC; and
Belgravia Property Funds Limited
(collectively the “Suspended Funds”).
The Directions were issued by the Commission pursuant to Article 13(1) of the Collective Investment Funds (Jersey) Law 1988, as amended, and Article 23(1) of the Financial Services (Jersey) Law 1998, as amended, by reason of the Commission's concerns that:
a. each of the Suspended Funds are currently without adequate or effective management or financial or accounting controls in place; and
b. the true and correct value of the investments or other assets of the Suspended Funds cannot currently reasonably and reliably be ascertained by the Belgravia Fund Managers.
No further comment will be made at this time.
Investors seeking further information are advised to contact Barclays Private Bank and Trust Limited at: firstname.lastname@example.org
- Ends -
Barry Faudemer - Director, Enforcement
Tel: + 44 (0) 1534 822137
Fax: + 44 (0) 1534 822001