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News Release - 19June 2002

Public Statement


Financial Services (Jersey) Law 1998, as amended ("The Law").

The Jersey Financial Services Commission is issuing this public statement under Article 22 of the Law. The purpose of this statement is to advise the public that the persons named below have not received authorisation to conduct investment business within the meaning of the Law.

Arrow International Management Services Limited ("AIMSL")
formerly of Sir Walter Raleigh House, 48/50 Esplanade, St. Helier, Jersey


Norman Edwin Steele (purported managing director of AIMSL)

AIMSL was a private Jersey company until 13 October 2000 when it was struck off the register of companies under Article 205 of the Companies (Jersey) Law 1991.

Any investment business activities purported to be carried out by AIMSL since 1 July 1999 are therefore unauthorised as AIMSL was not a transitional applicant under Article 40 of the Law. In addition, AIMSL was also refused a licence under Article 8(3) of the Law following its application to register for a licence.

Evidence in the possession of the Commission demonstrates that AIMSL have carried out investment business as defined in Article 2(2) of the Law since 1 July 1999 without being a registered person and therefore have been in breach of Article 6 of the Law.

The Commission has also obtained evidence that demonstrates that the above named persons have been conducting illegal investment business from within South Africa.

Any person who has had investment dealings with AIMSL since 1 July 1999 should contact Enforcement.


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