Lancer Offshore Inc., the Omnifund Ltd. (2003-05-05)

Summary

This is a 2003 press release from the British Virgin Islands Financial Services Commission concerning Lancer Offshore Inc. and the Omnifund Ltd, two BVI incorporated professional funds recognised under the Mutual Funds Act, 1996. It was issued in response to international press reports about the Lancer Group and explains that the Commission is investigating the funds' records to protect investors' interests.

• Court application: On 5 May 2003 the Commission applied to the Court for orders to preserve the business of the Funds and protect investors, with the application adjourned to a later date that month for further evidence.
• Interim instruction: Pending the hearing, no steps should be taken by the Funds that would be detrimental to the interest of investors.
• Confidentiality: Because the matter is before the Courts, the Commission states that further details cannot be disclosed at that time.

The notice is informational and case specific, announcing regulatory and court action taken against two named funds rather than imposing a generally applicable rule or ongoing compliance requirement on the wider industry.

Key obligations

• Pending the Court's hearing of the Commission's application, the Funds (Lancer Offshore Inc. and the Omnifund Ltd) should not take any steps that would be detrimental to the interest of investors.

Applies to

mutual funds, professional funds

Deadlines

• later this month (May 2003): The Commission's Court application was adjourned to a date later in May 2003 for further evidence to be heard.