By Tom Winnifrith | Saturday 12 May 2018
Praise be the Lord! This evening the Maltese Regulator, the MSFA, has finally acted - as I predicted it would two days ago HERE. It has stated that, having been investigating devout Christian Julie Meyer personally as well as Ariadne Capital Malta Limited - her regulated operation - since last November, it has today suspended its license to operate with immediate effect. The statement is no holds barred. The MSFA opines:
The MFSA is committed to: [a] investigate allegations of activities detrimental to consumers f financial services, and to identify any practices which may be unfair or harmful to the integrity of Malta’s financial system; and [b] ensure high standards of conduct and management n the financial services sector.
The MFSA has been investigating the conduct of the Company, its sole Director Ms Julie Meyer as well as Ariadne Capital ECO2 VC Limited Partnership since November 2017. Following careful consideration of the facts available and due process, the Authority identified a number of serious breaches of licence conditions committed by the Company, including:
[a] failure to have in place a Compliance Officer at all times;
[b] failure to cooperate and collaborate with the MFSA;
[c] failure to abide by the ‘dual control’ principle;
[d] inadequate resources to carry out management of Alternative Investment Funds; and
[e] failure to establish a risk management function, which is separate from the investment
On the basis of the various breaches stated above, the Authority has today suspended the Company’s licence in terms of the Investment Services Act. The decision of the MFSA is applicable with immediate effect. Consequently, the Company is no longer in a position to provide investment services under the Investment Services Act.
The MFSA’s decision may be appealed to the Financial Services Tribunal
So who is now managing the joke Fund Meyer runs - it cannot be her. This is the one that agreed to buy her worthless Entrepreneur Country Operation for £4.5 million to bail out her London flagship entity Ariadne Capital (now in administration) but having an utterly illiquid NAV of a maximum of 7.7 million Euro - and that is in some doubt - and zero cash failed to complete on the deal.
The FSA in London needs to address who is managing the fund fast as Meyer operates in the UK these days only under the EU umbrella provided by its - now suspended - Maltese licenses.
As to an appeal, with Meyer having slated Malta earlier this week and said how she plans to leave the island one wonders if it is worth appealing, expecially since she refuses to return to the island because the Maltese rozzers are under instructions to apprehend her so she can face criminal charges.
If this is a bad end to the week for Praise the Lord fear not...it is going to get much worse over the weekend thanks to the Winnileaks service.
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