Lance Offshore Inc. the Omnifund Ltd (Update 11 June) (2003-06-11)

Summary

This is a brief public statement from the BVI Financial Services Commission providing a litigation update in the Lancer Offshore Inc and The Omnifund Ltd matter before the High Court of the British Virgin Islands. It reports on a hearing held on 11 June 2003 and notes that a further hearing was scheduled for 8 September 2003 to allow parties time to respond to evidence, consistent with Civil Procedure Code requirements.

• Hearing update: Further arguments were heard by the High Court on 11 June 2003 in the Lancer matter.
• Next hearing: The High Court scheduled a further hearing for 8 September 2003 to give parties sufficient time to respond to evidence.
• Investor participation: Since the 30 May 2003 hearing, additional investors obtained leave through local attorneys to appear in the matter.
• Status quo: The undertaking for the fund to preserve the status quo remains in effect.
• Disclosure limits: Because the matter is before the Court, the Commission states no further information could be disclosed at that time.

This notice is purely informational, reporting on court proceedings rather than imposing any regulatory requirement or filing obligation on regulated entities.

Deadlines

• 8th September, 2003: Date scheduled by the High Court for a further hearing in the Lancer Offshore Inc and The Omnifund Ltd matter.