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   Home > The Commission > General Information > Press Releases > 14 August 2009

PRESS RELEASE 14 August 2009

R2R FUNDS – STATEMENT OF THE COMMISSION

The Representation proceedings brought by the Jersey Financial Services Commission (“the Commission”) under Article 34(5) of the Collective Investment Funds (Jersey) Law 1988 in respect of the R2R Bulgaria Property Fund, the R2R Croatia Property Fund and the R2i Montenegro Property Fund (together the "Funds") were concluded on 13 August 2009.  Equity Trust (Jersey) Limited and Equity Trust Services Limited (together “Equity”) have agreed to make a significant contribution to the costs incurred by the Commission in bringing the Representation and having considered recent evidence and submissions put forward by the Commission, Equity has withdrawn its allegations of bad faith made in the course of these proceedings.

The Commission brought its Representation because of serious concerns over the state of the Funds including the absence of audited accounts.

As a consequence of the Representation, the position of the Funds is as follows:

  1. A new trustee and manager has been appointed;
  2. Unitholders have been provided with substantial information including audited accounts; and
  3. Unitholders were able to consider and vote upon the proposals made for the reconstruction of the Funds.
The Commission places significant importance on the timely provision, by regulated entities, of audited accounts and considers it of the utmost importance that investors are provided with adequate information.

- Ends -

For further information please contact: -

John Harris - Director General
Tel: + 44 (0) 1534 822011
Fax: + 44 (0) 1534 822001
Email: j.harris@jerseyfsc.org

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