Investors may never see their money again after after liquidators were appointed at a Manx investment company.
Joint company inspectors looking into the affairs of the Louis Group, based in Bucks Road in Douglas, say they’ve found evidence it’s suffered a total loss of investor capital.
Their report says the company was hit by the collapse of LGSPI, a company in the British Virgin Islands.
They add they think the news was deliberately withheld from investors – something they say is bound to be a cause for concern.
Earlier this month, the Financial Supervision Commission said it was intervening in the affairs of three Manx-based companies within the Louis Group.
The inspectors say a firm named LGSC owes around £16.5 million to the Louis Group, but is unable to repay the money.
But in their report, they say the amount recoverable is highly uncertain as the money was paid to LGSPI – which has now collapsed.
They recommend the FSC intervenes in the interests of investors – and the wider public interest of the Island.
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