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MFSA notice on ARM Asset backed Securities SA
In order for all ARM investors to be able to know how much they may recover from their original holding, the liquidator has to determine conclusively the legal ownership of the pending monies in tranches 9, 10 and 11.
The Malta Financial Services Authority ["MFSA"] refers the public to a press release and Frequently Asked Questions issued by the Commission de Surveillance du Secteur Financier ["CSSF"] on the 4th and 24th September respectively. The CSSF is the financial regulator in Luxembourg.
In these communications, the CSSF has announced that on 21st August 2013 the Luxembourg administrative court of appeal confirmed the judgment of the Luxembourg administrative first instance court concerning the CSSF decision to refuse to grant a licence to ARM Asset Backed Securities S.A. ["ARM"] as a regulated securitisation undertaking under the Luxembourg law. The judgment of the administrative court of appeal is final and cannot be appealed. This means that the decision of the CSSF to refuse a license to ARM has become final.
The CSSF has now requested the Luxembourg Courts to order the dissolution and the liquidation of ARM.
It is expected that the Luxembourg Courts will appoint a supervisory judge, who will be in charge of the supervision of the liquidation of ARM, as well as one or more liquidators.
The MFSA will inform the general public once the judgement ordering the dissolution and the liquidation of ARM is published by the liquidator as stipulated under Luxembourg law. The publication will indicate the time period during which creditors of ARM may file their claims. The MFSA urges investors who hold an investment in ARM to seek independent advice in order to make any claims as necessary.
In regard to those investors holding tranches 9, 10 and 11 (the so-called "pending investors"), the MFSA is informed that it will be up to the court appointed liquidator who will conclusively determine who owns these monies.
In order for all ARM investors to be able to know how much they may recover from their original holding, the liquidator has to determine conclusively the legal ownership of the pending monies in tranches 9, 10 and 11.
The press release and Frequently Asked Questions issued by the CSSF are available from www.cssf.lu/publications/communiques/news-cat/108/.
Joseph MELI •
If it wasn't for the altruistic and selfless work again of Paul Bonello (Finco Trust)in this case and many others the MFSA would once more irresponsibly and cravenly not gotten involved despite being duty-bound to do so.
