Interim Injunctions and Freezing Orders - 21/12/11
Location: Case TypesFinancial Services    
Posted by: Law Brief Publishing 02/02/2012 20:18
The FSA published a press release announcing it had secured interim injunctions and freezing orders at the High Court against nine firms, including St Clair Estates Ltd, OFG Investments Ltd, Option Land UK Ltd, and GIG Properties Ltd. The injunctions prohibit the firms from selling plots of land on a specific site at Winkleigh Airfield in Devon pending further investigation by the FSA. The FSA suspects the firms were running a land banking operation which amounted to an unauthorised collective investment scheme and has frozen approximately £850,000 that is believed to have come from customer investments in plots of land marketed by the firms. The FSA does not regulate land as an investment, but operating a collective investment scheme without being authorised or exempt is a breach of the general prohibition in section 19 of FSMA.
Court: United Kingdom Tribunals (England and Wales)
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