PRESS RELEASE 9 October 2008
BELGRAVIA FINANCIAL SERVICES GROUP LIMITED - UPDATE Nº3
Further to an Order made in the Royal Court of Jersey on 15 September 2008, Greg Branch and Lee Manning of Deloitte & Touche LLP have been appointed Joint Liquidators over Belgravia Financial Services Group Limited (“BFSG”), Belgravia Asset Management Limited and a number of other Belgravia group companies.
The appointment as Joint Liquidators to BFSG followed an application to the Royal Court for the appointment of a liquidator and the winding up of the company on the basis that BFSG is insolvent. The Joint Liquidators and the legal owners of BFSG, Barclays Private Bank and Trust Limited, continue to work closely with the Jersey Financial Services Commission (the “Commission”). The Joint Liquidators are due to return to the Royal Court on 10 October 2008 to seek further directions.
The Commission welcomes the decision of the Court to appoint liquidators and hopes that this appointment will facilitate a review of civil injunctions currently in place preventing shareholders in various Funds from convening extraordinary general meetings.
The Commission will continue to work closely with all parties to ensure that the interests of investors in the Funds are protected as options for the ongoing management of the Funds are considered.
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Barry Faudemer - Director, Enforcement
Tel: + 44 (0) 1534 822137
Fax: + 44 (0) 1534 822001