The Island’s regulator is pursuing its case against A P Black (Jersey) Ltd, Cater Allen Trust (Jersey) Ltd, Peter Stuart Langton and Alastair Pollock Pederson Black for compensation under the Collective Investment Funds (Jersey) Law.
he action concerns the Delta investment scheme, set up in the Bahamas and marketed in Jersey by A P Black.
The scheme collapsed in September 1993 with an estimated loss to investors of around £30 million.
he main trial is due to start on 19 January before Commissioner Howard Page, who last month presided over the Les Pas Holdings case.
n the Royal Court last week Mr Page dismissed an application brought by Cater Allen Trust – now a subsidiary of Abbey National – for disclosure of a number of legal opinions dating from 1995 to 1999.
The opinions of three English barristers form part of a draft report prepared by Dr John Board of the London School of Economics entitled ‘Was the Delta scheme a collective investment?’In the judgment, Mr Page explains that one of the critical issues in this case is whether the Delta scheme comes within the definition of a collective investment fund, under Jersey law.
Dr Board’s own conclusion was that the scheme was such a fund within the meaning of the law.
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