Trinity Global Fund
8th May 2015As cited in our news release dated 5th May 2015, the matters relating to the application by the Guernsey Financial Services Commission under the Protection of Investors (Administration and Intervention) (Bailiwick of Guernsey) Ordinance, 2008 for the appointment of Administration Managers to Trinity Global Fund were adjourned until 7th May 2015.
On 7th May 2015 in the Royal Court of Guernsey Ordinary Division under a ‘consent order’ the Royal Bank of Canada (Channel Islands) Limited in its capacity as Trustee of Trinity Global Fund (the “Trustee”) undertook that for the period only of the adjournment:
1) the Trustee shall not undertake any dealing in the investments constituting scheme property without the written instructions of Lancelot Management Limited (in liquidation) acting by its joint liquidators (“Lancelot”) and on two (2) business days’ written notice to the Guernsey Financial Services Commission (“the Commission”);
2) the Trustee shall use its best endeavours to give the Commission and Lancelot notice of redemption requests made by unit holders in the Trust as and when such redemption requests are received, noting that redemption requests are sent in any event by redeeming unit holders to the administrator (Lumiere Fund Services) or manager (Lancelot) and not to the Trustee;
3) the Trustee shall not pay away redemption proceeds to unit holders until such time as it has requested and received enhanced due diligence enabling it to be satisfied as to the identity of the redeeming unit holder(s);
4) the Trustee shall provide the Commission and Lancelot with two (2) business days’ written notice of its intention to pay away redemption proceeds in circumstances where the provisions of the undertaking at paragraph three (3) above have been satisfied; and
5) the Trustee provide at least five (5) business days’ written notice to the Commission and Lancelot of the Trustee’s intention to terminate its Investment Management relationship with Lancelot.
The application dated 21st April 2015 was adjourned until 10:00am on Friday 29th May 2015. However, the Commission and the Trustee have liberty to apply to the Royal Court on two (2) business days’ notice.
The Commission continues to work closely with other regulatory partners and law enforcement authorities with regards to the global operation of companies linked to these matters, and investigations continue in that regard.
On 7th May 2015 in the Royal Court of Guernsey Ordinary Division under a ‘consent order’ the Royal Bank of Canada (Channel Islands) Limited in its capacity as Trustee of Trinity Global Fund (the “Trustee”) undertook that for the period only of the adjournment:
1) the Trustee shall not undertake any dealing in the investments constituting scheme property without the written instructions of Lancelot Management Limited (in liquidation) acting by its joint liquidators (“Lancelot”) and on two (2) business days’ written notice to the Guernsey Financial Services Commission (“the Commission”);
2) the Trustee shall use its best endeavours to give the Commission and Lancelot notice of redemption requests made by unit holders in the Trust as and when such redemption requests are received, noting that redemption requests are sent in any event by redeeming unit holders to the administrator (Lumiere Fund Services) or manager (Lancelot) and not to the Trustee;
3) the Trustee shall not pay away redemption proceeds to unit holders until such time as it has requested and received enhanced due diligence enabling it to be satisfied as to the identity of the redeeming unit holder(s);
4) the Trustee shall provide the Commission and Lancelot with two (2) business days’ written notice of its intention to pay away redemption proceeds in circumstances where the provisions of the undertaking at paragraph three (3) above have been satisfied; and
5) the Trustee provide at least five (5) business days’ written notice to the Commission and Lancelot of the Trustee’s intention to terminate its Investment Management relationship with Lancelot.
The application dated 21st April 2015 was adjourned until 10:00am on Friday 29th May 2015. However, the Commission and the Trustee have liberty to apply to the Royal Court on two (2) business days’ notice.
The Commission continues to work closely with other regulatory partners and law enforcement authorities with regards to the global operation of companies linked to these matters, and investigations continue in that regard.