The Jersey Financial Services Commission yesterday asked the Royal Court to award £60,000 in costs and says it is ‘not in the public interest’ to spend money pursuing its case against Alistair Pollock Pederson Black and the A P Black companies in Jersey and London, who have always denied the allegations made against them.
The commission had set aside up to £1 million to fund the estimated costs of pursuing the case.
But after several years of investigation it has concluded that the respondents do not have sufficient assets to pay the investors for their losses.
The investments in question were all made before 1993 in a scheme known as Delta, which was operated by American and Bahamas companies and involved investment in foreign currency options dealings.
After suffering significant losses – some amounting to several million pounds – nine individual investors who were clients of A P Black brought actions in Jersey, and in June 2000 the JFSC itself commenced proceedings.