Joint Administrators' Fourth Progress Report regarding British firm Privilege Wealth Plc, a participant in a global investment fraud that collapsed after being exposed by OffshoreAlert.
Notice of Administrators' Progress Report for the period from July 23, 2018 to February 22, 2019, filed with Companies House for England and Wales.
In a 'Statement of Affairs' filed with Companies House in Britain yesterday, investment fraudster Privilege Wealth Plc reported an estimated deficiency of £42 million. Of that amount, the company reported that £39.55 million is owed to investors, £2.5 million owed to its directors, and £124,038 to trade creditors.
The biggest source of investment for the Privilege Wealth Group, Gibraltar-domiciled Privilege Wealth One Limited Partnership, today broke the news to its investors that it is massively insolvent due to fraud and mismanagement.
Letter to investors from Privilege Wealth Management Limited, as general partner of Privilege Wealth One LP, notifying them that Privilege Wealth Plc has gone into administration and that the group is insolvent.
The directors of British firm Privilege Wealth Plc, which was exposed as a fraud by OffshoreAlert nearly 15 months ago, have convened a creditors' meeting for January 12th to consider a resolution to wind-up the company and appoint a liquidator.