The UK Financial Conduct Authority (FCA) has announced a call to action for individuals who invested in companies associated with Asset Land. There has been a small amount of funds made available for investor compensation following legal actions taken by the FCA against certain directors linked to these companies.
Investors are encouraged to reach out to the FCA by no later than 25 March 2025 to express their claims or gather more information. The regulatory body previously initiated legal proceedings against the Asset Land companies and their directors due to illegal activities uncovered during an investigation that began in 2012. Following a trial that involved several appeals, the court ruled in favor of the FCA, ordering the defendants to pay £21 million aimed at benefiting the investors impacted by their actions.
As the defendants failed to make the required payments, the FCA took further necessary measures leading to the compulsory liquidation of the Asset Land companies and the bankruptcy of the involved directors. The joint liquidators have since wrapped up the insolvency process and have managed to pay some funds to the FCA from the liquidation of remaining assets.
Additionally, the FCA has received settlement amounts from other parties implicated in the case, and these funds will be combined with those obtained from the joint liquidators. The FCA plans to disperse the total compensation to eligible investors when it receives the necessary approval from the High Court. The organization is aiming to commence this distribution in the first half of 2025.
While it is anticipated that the total compensation for each investor will be limited, it is crucial for anyone who invested in the Asset Land scheme and has yet to make contact with the FCA to do so before the 25 March 2025 deadline. For inquiries or submissions, investors can reach out to the FCA via email or through the postal service using a designated address.