The UK Financial Conduct Authority (FCA) has received limited funds to compensate investors in Asset Land companies.
Investors should get in touch with the FCA by 25 March 2025.
The FCA successfully took legal action against Asset Land companies and their directors, David Banner-Eve and Stuart Cohen, following an investigation into unlawful activity in 2012. After a trial and multiple appeals, the defendants were ordered to pay £21 million to us for the benefit of affected investors.
In the absence of any payment, the FCA then took further steps resulting in the compulsory liquidation of Asset Land companies and the bankruptcy of Mr. Banner-Eve and Mr. Cohen. The joint liquidators have now concluded the insolvency proceedings, with some funds paid to the FCA from the sale of remaining assets.
The FCA has also received settlement payments from other defendants in the case and intend to distribute these funds together with the funds received from the joint liquidators to eligible investors.
Subject to High Court approval, the distribution will begin as soon as possible. The FCA aims to make the distribution in the first half of 2025.
While the amount returned to investors is expected to be limited, the FCA urges anyone who invested in the scheme and has not yet heard from the FCA to get in touch before 25 March 2025.
Investors can contact the FCA at AssetLand.Investors@fca.org.uk or write to:
Freepost RTZE–RHAL–URAJ, FCA, Asset Land Team, 12 Endeavour Square, London E20 1JN.
