Fund manager unveils free adviser platform
While tech firm waives licence fee to access its digital tools during covid-19
While tech firm waives licence fee to access its digital tools during covid-19
Freedom of Information request from Isle of Man newspaper fails to uncover taxpayer burden
The Isle of Man-based directors of the failed New Earth Recycling and Renewables (NERR) fund could be interviewed in open court under oath, as the liquidator seeks to “clarify the affairs and dealings of the company”.
Liquidators of the failed New Earth Recycling and Renewables (NERR) fund now have more than 200,000 documents in their possession and want to establish if there is a case to take legal action against any party deemed liable for the collapse.
Isle of Man-based Premier Group (PGIOM), the company behind the ill-fated £300m New Earth Group of funds, has had its financial services operating licence revoked by the island’s regulator.
An Isle of Man judge has ruled that the liquidator appointed to the collapsed Eco Resources Fund should be replaced despite objections from the island’s Financial Services Authority (IoMFSA).
Investors in wound up New Earth funds have been left to pursue third party claims as a measure of last resort to try to recuperate all or part of their investment, the funds’ liquidators are suggesting.
There is no prospect that Isle of Man-based Premier Group will receive any of the £39m ($50.6m, €44.4m) the company is owed by a waste management company it funded through its New Earth Group collective investment schemes.
John Bourbon, the former director of Isle of Man-based Premier Group, the company behind the ill-fated £300m New Earth Group of funds, has described the regulator’s decision to investigate allegations of mis-selling against the fund manager “something of a witch hunt”.
Isle of Man taxpayers will have to foot the bill for another collapsed fund, the Eco Resources Fund, which was set up by the troubled Premier Group in 2012.
Taxpayers on the Isle of Man will pay for the winding up of collapsed investment fund New Earth Recycling and Renewable (NERR), part of the New Earth Group of Funds, after the island’s financial regulator stepped in to pick up the tab.
An Isle of Man-based fund that convinced 189 people to invest $61m (£49.6m, €56.8m) in bamboo plantations in Nicaragua by promising returns of up to 500% was wound up by order of the Isle of Man high court on Thursday.