The listed venture capital and consultancy firm, which focuses mainly on the US market and specifically Silicon Valley, says in the weaker economic environment investment gains have fallen and consulting fees reduced.
The company, which made losses in the early 2000s from investments in Worldcom and Enron, has submitted a claim in the Enron Securities class action settlment, but is not expecting any receipts from the claim until 2009 at the earliest. A final $0.3 million payout from WorldCom litigation, together with a previous payout of $1.2 million, has recovered some of the losses sustained by the company’s London Pacific Assurance Ltd business.
Prior to its losses from exposure to Enron and Worldcom, the London Pacific Group was the largest publicly listed company in the Island and employed over 30 staff at its Minden Place offices. The insurance units were closed to new business in 2002.
