Quadris Investment

Thursday, 15 Apr 2010 by lee | 0 Comments

It has come to our attention that a summary provided by us on our website regarding the suspension of Quadris Environmental Fund Plc (“the fund”) pursuant to a Direction by the Isle of Man Financial Supervision Commission (“the FSC”) on 29 March 2010 (the Comment”) was based on wholly inaccurate and misleading information regarding the suspension and the involvement of Close Trustees (Isle of Man) Limited (the fund’s Safe Keeping Agent).

The Comment was based on a letter Ethical Investors had received from Quadris Environmental Investments Limited of 8 April 2010. Quadris has now retracted the letter and issued a formal apology to Close Trustees (Isle of Man) Limited (“Close”), a link to this letter (which has been sent to all recipients of Quadris’ letter of 8 April 2010) is located above.

Following discussions with Close and information from the Isle of Man FSC (see below for link to FSC site) we accept that the content of the Comment was entirely false and unfounded and have removed the Letter and our Comment from our website.

As set out in the FSC’s Notice, the Fund was suspended because of the Fund’s board of directors’ and its Manager Blue Sea International Limited’s failure to ensure appropriate custody arrangements in respect of the funds assets. Close was not responsible for the suspension.

Ethical Investors would like to apologise unreservedly to Close and its wider group for the damage caused to them by our Comment and our failure to ensure the accuracy of the Letter.

http://www.gov.im/fsc/ViewNews.gov?page=lib/news/fsc/fsctakesactionov.xml