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   Home > The Commission > General Information > Press Releases > 22 December 2010

PRESS RELEASE 22 December 2010


On 9 July 2008, the Jersey Financial Services Commission (the “Commission”) appointed Inspectors under Article 128 of the Companies (Jersey) Law 1991 (the “Companies Law”) to investigate the affairs of Meinl European Land Limited (“MEL”) and Meinl European Real Estate Limited (“MERE”).

Following the conclusion of their investigation, the Inspectors submitted their report dated 6 October 2010 to the Commission
(the “Report”).

Based on the Report, the Commission considers that MEL did not breach either Article 57 or Article 58 of the Companies Law in MEL’s buy-back between February 2007 and August 2007 of c. 88 million Austrian Depository Certificates (“ADCs”), listed on the Vienna Stock Exchange and representing in effect issued shares in MEL.

The Commission is reviewing the information contained in the Report to consider whether the authorised principal persons of MEL and MERE who approved and undertook the buy back of the ADCs acted in a fit and proper manner in relation to the provisions of the Collective Investment Funds (Jersey) Law 1988 (the “CIF(J)L”) or the Financial Services (Jersey) Law 1998 or if their conduct was appropriate in relation to the provisions of the Companies Law.

Whilst the above review is being undertaken, the Commission will refrain from making further comment in relation to these matters.

- Ends -

For further information please contact: -

John Harris - Director General
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822066
Fax: + 44 (0) 1534 822002


1. MEL was incorporated as a public company under the Companies Law on 8 December 1997. On 18 December 2002, the Commission granted a permit to MEL under the CIF(J)L to issue units as a close-ended single class unclassified collective investment fund. On 15 October 2009, following a change in ownership, MEL changed its name to Atrium European Real Estate Limited.

2. MERE is a wholly owned subsidiary of Meinl Bank AG and was incorporated as a private company under the Companies Law on 19 December 2002. During the period under investigation, MERE was granted a permit under the CIF(J)L to act as a functionary (manager) to MEL.

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