Troubled fund link to Panama Papers

Friday, 31 March 2017

By by Adrian Darbyshire
adrian.darbyshire@iomtoday.co.im
Twitter:@iomAdrian

in Business

A troubled fund manager now in liquidation had links to the Panama Papers, it has emerged.

Premier Group Isle of Man went into voluntary liquidation earlier this year.

One of the funds it managed and promoted, Eco-Resources Fund, was wound up by the high court this month, having built up debts of more than £2.3m.

The 189 investors who invested money in bamboo plantations in Nicaragua and South Africa owned by its Eco-Planet Bamboo subsidiary have been told they are unlikely to get any of their money back.

In its claim for the winding up of Eco-Resources, the Financial Services Authority noted that the fund had 100 management shares of $1 each, of which 99 were

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