News

Meridian Income Bond Limited

BVIFSC, Pasea Estate, Tortola - January 06, 2004 - On the 12th December, 2003, on the hearing of an ex parte application filed by the Financial Services Commission (the "Commission"), the British Virgin Islands High Court granted a protection order under section 39(2) of the Financial Services Commission Act, 2001, in relation to Meridian Income Bond Limited (the "Fund").

The order requires the Fund to forthwith suspend redemptions and to refrain from paying any sums by way of redemption of shares or settlements of redemption requests in any manner whatsoever. The order also requires the Fund to refrain from paying any outstanding or future management fees to the Fund's manager or to any person on its behalf. The Court also ordered that the Fund be wound up by the Court under the Companies Act.

The return date for the further hearing of the matter was fixed for the 12th January, 2004, and the Fund was given liberty to discharge the Court order the order by giving at least 3 days written notice to the Commission.

Notes to Editors
For further information, please contact Mrs. Carlene Herbert, Operations Department, Financial Services Commission, Pasea Estate, Tortola, British Virgin Islands.
Tel: 284-494-4190 ext (251)
Fax: 284-494-5016
Email: herbertc@bvifsc.vg

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Contact Information

British Virgin Islands Financial Services Commission


Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
Hours: Monday-Friday 8:30a.m. - 4:30p.m.
commissioner@bvifsc.vg