A WEBSITE has been launched with the stated aim of uncovering the truth behind the collapse of island-based companies linked to the Louis Group.
The anonymous creators behind ‘Louis Group Public’ describe the blog as a ‘public interest initiative’.
It provides a link to a series of documents relating to the Louis Group in the Isle of Man, South Africa, the UK and Switzerland, including high court judgments, bankruptcy notices and reports from the financial press. There are also links to articles from Isle of Man Newspapers about the plight of investors.
Island-based investors in the Louis Group fear they will never see their money again after the fund, promoted as ‘low risk,’ was suspended, unable to pay its multimillion-pound debts.
At Douglas High Court in January, Deemster David Doyle ordered the winding up of Louis Group Structured Fund PLC and five related companies – Louis Group (IOM) Limited, Louis Group Structured Capital Limited, Louis Group International (Europe) Limited, LG SP Investments Ltd and Louis Group SLN Limited.
Deemster Doyle said it was only by the winding up of the companies that the ‘real truth’ about the affairs of these companies could be established.
Manx financial watchdog the Financial Supervision Commission first had concerns in the autumn of 2010 following information received from the company’s board. The FSC had been urged by liquidators to press for the winding up of the Louis Group Structured Fund in the interests of investors and the Manx public.
Some 50 Louis Group investors attended a creditors’ meeting at the Villa Marina last month.
Authors of ‘Louis Group Public’, which goes under the banner ‘Collating Facts to Uncover the Truth’, insist they have no association with any Louis Group entity.
They add: ‘If you are aware of public information regarding the Louis Group that could be added to this blog, email us. All submissions will be treated in the strictest confidence.’
Among the documents listed is a statement from February 26 this year by Dr Alan Louis, CEO of the Louis Group, who confirms an application has been brought before the Cape High Court in South Africa to place five Louis Group associated companies under business rescue.
‘The jobs of staff employed by the group are not at risk and neither the interests of investors. The Louis family is convinced that the group will emerge more robust as a result of this proactive step,’ he states.
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Weather for Isle of Man
Sunday 19 May 2013
Temperature: 8 C to 13 C
Wind Speed: 9 mph
Wind direction: South east
Temperature: 9 C to 13 C
Wind Speed: 23 mph
Wind direction: North west