FCS Asian Millennium Ltd, FCS Thailand Fund Ltd, Waidberg Millennium Fund Ltd. (2004-01-06)

Summary

This is a public statement from the BVI Financial Services Commission announcing that the BVI High Court granted a protection order on 18 December 2003, under section 39 of the Financial Services Commission Act, 2001, in relation to three named funds: FCS Asian Millennium Ltd, FCS Thailand Fund Ltd, and Waidberg Millennium Fund Ltd. The order followed an application by the Commission and resulted in the appointment of Joint Administrators over the funds.

• Order granted: BVI High Court issued a section 39 protection order on 18 December 2003 covering the three named funds.
• Joint Administrators appointed: Bill Cleghorn and Chris Stride of RSM Robson Rhodes (United Kingdom and Grand Cayman) were appointed Joint Administrators of the Funds.
• Scope of powers: The Joint Administrators may take over and manage the Funds, take possession of and access all Funds' records wherever located, and interview any director, officer or other person believed to have relevant information.
• Reporting requirement: The Joint Administrators must report to the Court and to the Commission within 45 days of the order.

This notice is informational, confirming the regulatory intervention and administrator appointment rather than imposing new ongoing rules on the wider industry; its direct legal effect is limited to the three named funds and the appointed administrators.

Key obligations

• The Joint Administrators must report to the BVI High Court and to the Financial Services Commission within 45 days of the 18 December 2003 order.

Applies to

FCS Asian Millennium Ltd, FCS Thailand Fund Ltd, Waidberg Millennium Fund Ltd, Joint Administrators appointed over the Funds

Deadlines

• within 45 days of the order (order dated 18 December 2003): Joint Administrators must report to the Court and to the Commission on the affairs of the Funds.