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Regulator puts provisional liquidators into investment fund Blackbee

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Appointments necessary to protect investors and maintain public confidence in financial market, court told

The court heard the firm had about 1,700 retail clients and held client assets of some €180 million as of April 28th.

He made an order appointing Luke Charleton and Colin Farguharson of EY as joint provisional liquidators and another suspending Mr O’Shea’s powers as the company’s sole director pending the full hearing of the petition. This is concerning from a supervisory perspective as investment firms are required to have at least two people directing the business of the company and at least one non-executive director to ensure effective governance and oversight, the court heard.

The bank also does not have any confidence that Blackbee is capable of hiring and retaining experienced staff or professional firms to fill the vacant roles.

 

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