On 16 May 2016 the Moroccan Court which heard our application to access information on the funds which may be deposited with SG, Tangiers decided that it did not have sufficient jurisdiction to make such a decision. This has been a major setback to the liquidation and has meant that there has been little progress in the last year. We have recently met with our legal advisors and we are currently considering other potential avenues to recover funds.
The complications that we have encountered and the reluctance of certain parties in complying with the Gibraltar Court Order which they view as a foreign Court and therefore having no jurisdiction over them shows how difficult it will be to make any recoveries in this liquidation. Investors need to be realistic and appreciate that the likelihood of any distribution in this liquidation is very slim, as in the vast majority of cases the monies were lost by creditors several years ago and it is likely that very little, if any of this money can now be recovered.
© 2020 - 2021 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.