Friday, April 28, 2006

BVI FSC issued the first Advisory Warning for 2006

From time to time British Virgin Islands Financial Services Commission issues advisory warning for the general publics to protect them from scams, misunderstandings or wrongdoings. This year’s first FSC Advisory Warning is issued on Curam Investment Management Limited and states that this company is not licensed by the Financial Services Commission to provide management and/or administrative services to mutual funds under the Mutual Funds Act, 1996 (as amended).

As far as the BVI Financial Services Commission is charged with the supervision and licensing of all regulated activities (like the provision of management and administrative services carried on in or from within the BVI), it is the highest authority and source of licensing information in the British Virgin Islands.

As you may know, Curam Investment Management Ltd was licenced to provide management and administrative services under the Mutual Funds Act, 1996, and this licence was cancelled on the 15th of October, 2003. As a result, according to the Mutual Funds Act, 1996 amendments, Curam Investment Management Ltd is no longer regulated under this act.

Therefore, Robert A. Mathavious, Managing Director/CEO of the British Virgin Islands Financial Services Commission informed public that transactions should not be conducted with Curam Investment Management Ltd as far as it is not licensed to carry on business in or from throughout the BVI.

Some time ago it appeared both on public and private information channels that Curam Investment Management Ltd still provides the management and/or administrative services to mutual funds under the BVI Mutual Funds Act, 1996. The British Virgin Islands Financial Service Commission took seriously the potential threat that offshore investors could suffer as a result of misleading or erroneous information and made the public announcement to protect the offshore investors as well as the reputation of the BVI jurisdiction itself.

Today, on the web you can find the website of a company called that Curam Investment Management Ltd with address in Switzerland, Zug. There is almost no public information on the site, just login for existing offshore investors and registration form which is not functional. Investment news and contact form also don’t work. The domain names are registered both in com and Swiss zone (ch).

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