Tuesday, July 12, 2011

FSC Issues Public Announcement on BVI Mutual Fund

The British Virgin Islands Financial Services Commission issued public statement informing the general public, including investors and creditors, that Advantage Finance European Futures Fund Ltd is no longer recognised by the FSC as a private mutual fund.

According to the document published by the Commission, the Fund was incorporated in the territory of the British Virgin Islands on 5 March, 1999. It was formerly recognised by the Commission as a private mutual fund to conduct mutual fund business within the territory. On 1 November, 2008 it was struck off the company register maintained by the BVI Registrar of Corporate Affairs, for the non-payment of company registration fees.

The Certificate of recognition of Advantage Finance European Futures Fund Ltd was cancelled on 15 December, 2010 as a result of non-payment of its recognition fees in 2008, 2009 and 2010. At the same time, the Fund has been hosting and maintaining a website at www.advantage-finance.com and giving the impression that it is still active and carrying on investment business.

The FSC informed that it will provide an update on further developments on this matter.

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