PRESS RELEASE 30 December 2008
BELGRAVIA FINANCIAL SERVICES GROUP LIMITED UPDATE Nº 4
As anticipated in Update Nº3, Greg Branch and Lee Manning of Deloitte LLP as Joint Liquidators, returned to the Royal Court on 10 October 2008 to seek further orders including, inter alia, the winding up of Belgravia Property Investment Management Limited (“BPIM”) on just and equitable grounds. The Royal Court made this Order.
On 29 October 2008, notices calling for Extraordinary General Meetings (“EGMs”), on 19 November 2008, were issued in respect of:
Belgravia Funds PCC (comprising “the Logistics Fund” and “the Global Fund”);
Belgravia Property Funds Limited (“the UK Fund”); and
Belgravia European Property Funds Limited (“the European Fund”) (collectively “the Funds”)
At the EGMs on 19 November 2008 (and subsequent meetings on 26 November 2008) shareholders resolved to appoint Richard Barnes and Douglas Maccabe as directors. Both directors have been in regular contact with the Commission.
It is anticipated that further meetings will be called in the first quarter of 2009 to consider the appointment of new managers to the Funds to replace Belgravia Asset Management Limited (in liquidation) (“BAML”).
The Commission continues to work closely with all parties.
Belgravia IFN Funds PCC (“the China Fund”)
The Manager, Belgravia IFN Asset Management Limited (“BIFN”) continues to provide management services in respect of the China Fund. BIFN is expected to communicate with investors shortly with regard to the current status and future plans for the China Fund. Mr. Richard Barnes was recently appointed to the board of the China Fund to assist in the resolution of certain issues and consider future strategy in conjunction with the Manager.
Belgravia Gold and Resources Fund LP (“the Gold Fund”)
On 3 December 2008, BAML ceased to act as General Partner to the Gold Fund following the appointment of Volaw Funds GP Limited (“Volaw”). In addition, LVD Investment Advisors Limited was appointed to provide investment advice to Volaw. The Gold Fund was renamed LVD Gold and Resources Fund LP.
As a result of the changes set out above, BAML no longer provides any services to the Gold Fund and the Commission has withdrawn the Directions issued on 1 September 2008, which had suspended all issues, redemptions or conversions of any limited partnership interests in the Gold Fund.
- Ends -
For further information please contact: -
Barry Faudemer - Director Enforcement, Jersey Financial Services Commission
Tel: + 44 (0) 1534 822137
Fax: + 44 (0) 1534 822001