Wound up funds
The high court of justice on the Isle of Man granted a wind-up application for the three unregulated New Earth Group of Funds in July 2016.
In a letter to shareholders dated 16 June, the Premier Group advised that it was unlikely that a sale of assets would generate a return for the fund.
The Eco Resources funds, which were should not have been sold to retail investors, invested indirectly in bamboo plantations in Nicaragua and South Africa. The fund experienced liquidity issues starting in 2014 and as of December 2016 had debts in excess of $2m.
Like the New Earth Funds, shareholders have been advised that it is unlikely that they will get their money back.
