Nirvi Management and Lotus Fund: Rs 100 million to be Repaid According to First Reading
11 years ago - April 21, 2013
A brief summary of the FSC indicates that approximately Rs 100 million has been invested by clients in Nirvi Fund Management and Lotus, two companies suspended by the regulator. The administrator appointed by the FSC should check where the parties are deposits made by customers.
Lotus Fund, led by Nirvi Management Company Ltd, based in Grand Bay, offered its customers a higher rate of return to the market. The funds invested was blocked for five years, with dividends paid at regular times. A hundred customers had placed deposits in the Lotus Fund. For now, the amount raised by the company is estimated at Rs 100 million.
Xavier Koenig CK Insol Services Ltd, appointed director by the Financial Services Commission (FSC) Friday, April 19, started doing an inventory. "We have a mandate to protect all investors.We will do our best to protect their interests, " he said.
CK Insol Services Ltd will trace the path of deposits in the Lotus Fund. Funds have been used in real estate projects A & A Marketing is the subject of a police investigation. It is not known at present if the Lotus Fund filed customer investments in banks.
