Brendan Burgess
Founder
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Just 'cos I can,It appears that Helvetia Wealth has filed for bankruptcy. Here is the Google translation of the article in a German paper
Brendan
[broken link removed]
Helvetia Wealth in bankruptcy
The company announced once an "aggressive" expansion and presented himself as a figurehead of Swiss banking, particularly in the British Isles. Now it seems to be over it. Should the details of Helvetia Wealth agree, it comes to over a billion in assets under management.
Helvetia Wealth AG (Zurich, Liechtenstein, Kilkenny, London) Our Law Firm is representing all legal interests of investors having suffered losses in the course of the bankruptcy of Helvetia Wealth AG, domiciled in Zurich, with business as well as subsidiaries in Kilkenny, London and Liechtenstein. In this course of action, we are checking to bringing in civil as well as criminal actions against the respective companies and their directors by means of Swiss Bankruptcy Law, Swiss Civil Code and Swiss Criminal Code.
Should you wish to discuss your case strictly confidentially, please do not hesitate to contact either Daniel Fischer or Stephan Pöhner, info@swiss-advocate.com.
www.responsible-investor.comI see the online magazine responsible investor has reported the story but its behind a paywall
As far as I remember, Helvetia Wealth were authorised by the Central Bank to conduct investment business in this country. Surely there is some recompense for Irish Investors that have lost out.
That's a bizarre statement by the Central Bank. Considering the high profile of Helvetia Wealth took in this Country, why are they suddenly coming out now saying they are unregulated? Have the Central Bank issued previous warning about them? I always assumed they did European business through their office in Liechtenstein.
"the firm was operating illegally in Ireland from its base in Switzerland. While investment firms in Liechtenstein are allowed to sell into the EU, Swiss firms cannot".
I don't know where he is getting his information from, but he is wrong. Swiss firms are certainly allowed to sell into the EU and Liechtenstein firms actually regulated by the Swiss authorities on behalf of Liechtenstein. Furthermore, I can not find for them listed as authorized in Liechtenstein either.
It would be interesting to know what the Irish regulators did in this case... In the normal course of events such companies are entitled to sell their products into Ireland. However the Irish authorities are supposed to jointly regulate them with the Swiss authorities, they can not just wash their hands of them. I wonder when this firm started pushing its products here, did anyone in the regulators office even bother to call Zurich to see what the story was???
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