Regulator ordered BlackBee last December not to make any payments from third party client asset accounts without the prior approval
“Despite extensive supervisory engagement in an effort to find a solution that protected clients’ interests, no viable alternatives were found. On this basis, it was decided that the appointment of joint provisional liquidators was the most appropriate action to protect the immediate and ongoing interests of the clients of BlackBee Investments Limited.”
The company had agreed in October to sell the BlackBee Investments portfolio to UK-based Aria Capital Management. Brian Kennedy, senior counsel for the bank, told the High Court on Monday that there had been two attempts to sell the firm, with the latest falling through last month. In a sworn statement to the court, Claire McGrade, head of the Central Bank’s resolution and crisis management division, said the company was in the process of winding down its business since opting to cease taking new clients from October 2020.
The company, she added, is currently failing to communicate appropriately with its clients and their brokers with respect to maturity defaults arising on certain alternative investments.
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