In what is believed to have been the first case of its kind, Equity Trust were taken to court by the Commission for failing to properly manage money held in the Bulgaria Property Fund, the Croatia Property Fund and the Montenegro Property Fund.
br>The case had been adjourned several times since September so that the parties could reach an agreement about who should take on the running of the funds.
br>The JFSC had indicated that the funds should be wound up, although Advocate Stephen Baker acting for promoters Burlington Associates had consistently argued that was neither in the best interests of the investors, nor of the Island.
br>On Wednesday (5 Dec) the Royal Court ruled that Walbrook, now part of Barclays Wealth, should be appointed as functionary in a bid to take the funds forward, with Grant Thornton acting as accountants.
