Investment Management Company Wound Up By High Court


Hawkhurst Capital Plc, a purported investment management company, has been wound-up by the High Court in Manchester for misleading investors.

In the investigation by the Insolvency Service, it was discovered that potential participants were selected on the basis of their interest in releasing pension funds prior to reaching pensionable age.
Hawkhurst made this discovery through cold-calling and targeted website advertisements, and then made it a perquisite for responders to invest their pension funds.


Participants to the scheme then attained the early release part of their pension funds by way of extended unsecured loans from a company based in the Seychelles.
They were then prevented from selling the Hawkhurst shares prior to 31 December 2026 by a lock-in agreement.

In the course of the investigation, these shares were found to be of no value.
Although the company’s financial statements detail a rise in its sole investment, a Seychelles-based company, Hawkhurst failed to provide any independent evidence proving the authenticity of the investment or valuation.

The alleged increase in its investment went from £250,000 in January 2011, to £11,977,849 within a year.

Colin Cronin, investigation supervisor with Company Investigations, said: “The structure of this early pension release scheme was deliberately opaque and the lack of transparency was added to by a failure on the part of the directors of Hawkhurst Capital Plc to cooperate with the investigation.
“The operation of the scheme was highly prejudicial to the individuals who were required to invest their pension funds in Hawkhurst Capital Plc shares in order to obtain the early release of part of these funds.

The Court found that the company had operated with a lack of transparency and a lack of commercial probity.

 http://www.insolvencynews.com

Comments

  1. Anonymous14 November 2013 at 09:47

    Had PM Blair and Co achieved to turn Seychelles into the Seychelles the British politicians, institutions and Seychelles haters wanted we would have seen worse.

    ReplyDelete
  2. Anonymous16 November 2013 at 02:16

    sAME PRACTICES AS IN SEYCHELLES UNDER CROOK MICHEL THE BUTCHER.

    ReplyDelete

Post a Comment

Popular posts from this blog

IS SEYCHELLES THE NORTH KOREA OF INDIAN OCEAN?

Image
Jean-Paul David says he was hit in the face with a baton during a late-night raid. A young man was hospitalized on Monday evening after sustaining serious injuries from what he says was a police beating. Jean-Paul David, 25, who lost teeth and hurt his right leg in the incident, now says he is planning to lodge a court case against the authorities. The police have launched an investigation in the allegation of police brutality, confirmed Police Public Relations Officer, Jean Toussaint. TODAY visited Mr David in the D’Offay Ward yesterday afternoon. Speaking through his friend, on account of the heavy swelling around his mouth, he said the incident unfolded at 8:00 pm in Roche Bois, Belonie. A group of 15 people were hanging around the area, when he says a small pickup and a Terios pulled up. Without identifying themselves, police then shot a canister of teargas at them, sending the group running in every direction, he recounts. Along with everyone else, he set ...
Read more

Etihad Turning Seychelles Into A Big Spoke When it Should Be A Hub

Image
Did everyone hear about the great news of Air Seychelles acquiring under lease, a Airbus 320 to fly regionally 115 passengers at a time to Madagscar, Dar E Salaam? This recent announcement adds Jo’burg  South Africa to a regional spoke controlled by Etihad using Air Seychelles name and position in Africa for front door entrance into the market. Feed The Hub-Feed The Hub The business model proposed by Etihad and Minister Joel Morgan, Chairman of Air Seychelles, [seems to be playing along], is to use secondary regional feeder routes via Seychelles to increase traffic into the Abu Dhabi, UAE hub, by- passing the Dubai hub or La Reunion hub, or South Africa for Eastern Africa. All this is just wonderful news for Seychelles, according to Etihad/Air Seychelles Monoj Papa. Tourism Not A Priority To Etihad- Air Seychelles The message of this new regional routes declaration is clear and no one should be fooled by the declaration: “Tourism is not a priority For Etihad-Air Seychelles”. The...
Read more