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| Gibraltar FSC Wins Compensation For RFSL Investors |
by Phillip Morton, Investors Offshore.com
Thursday, January 06, 2011
In a first of its kind judgment, the Supreme Court of Gibraltar has granted
an application by the Financial Services Commission (FSC) to enforce the liquidation
of the assets of Rock Financial Services Limited (RFSL), to pay restitution to investors.
The FSC on January 4, 2011, said that it had obtained a GBP6.3m judgment against
the former directors of RFSL, Michael Whitting, Anthony Whitting and Stephen
Putnam.
RFSL had been wound up by the Supreme Court on the application of the
FSC in 2003.
The FSC had waited before taking action to allow the liquidators to undertake
the pursuit and collection of assets and for a criminal investigation to be
undertaken. However, in the face of difficulties encountered by the liquidators
the FSC issued proceedings for regulatory breaches seeking a civil restitution
order, among other orders, against the directors of RFSL.
The Court heard evidence from a number of witnesses, considered various statements
filed by parties and heard legal submissions by counsel for the parties. The
Chief Justice ruled that Michael Whitting, Anthony Whitting and Stephen Putnam
should pay the sum of GBP6,269,111 to enable the FSC to constitute a fund to
compensate investors who suffered losses as a result of the collapse of RFSL.
The FSC was also awarded its costs of the action. This was the culmination of
action taken against those named directors and followed the award of judgment
against them in November 2009.
The FSC has announced that it is now considering its options leading to an enforcement of the order
made by the court.
Commenting on the proceedings, the FSC’s Chief Executive Officer, Marcus
Killick, stated: “This again demonstrates that the FSC will not shy away from taking whatever
action necessary to protect the public from financial loss or deal with those
who have caused it. The action we have taken in the Supreme Court of Gibraltar
underlines the commitment of my team to pursue every possible avenue to seek
restitution for the investors in RFSL. It has been a long process and, quite
rightly, we stood aside whilst the criminal investigations were ongoing. Nevertheless,
as soon as we were able, we used the powers granted to us to bring this matter
to a conclusion.”
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