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LCG’s Bahamas Entity Ceased Operations Citing FlowBank’s Bankruptcy

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The Bahamas-registered entity of London Capital Group Ltd (LCG), a retail foreign exchange and contracts for variations (CFDs) dealer, has ceased its operations and introduced publicly that it has been unattainable to hold out its operations following the chapter of its Swiss mum or dad firm, FlowBank.

“LCG Capital Markets Restricted maintains funds with accounts at FlowBank SA,” the discover on the web site of the offshore entity of LCG acknowledged. “Resulting from vital agreements between LCG Capital Markets Restricted and FlowBank SA, the appointment of the Liquidators has presently made it unattainable for LCG Capital Markets Restricted to hold out its operations.”

The Chaos After FlowBank’s Chapter

LCG is owned by FlowBank, based by former LCG CEO Charles-Henri Sabet. Beforehand, LCG was a part of the London Capital Group Holdings, which encountered bother after delisting from the London Inventory Change and NEX Change in 2018. That very same 12 months, Charles-Henri Sabet, then CEO, purchased LCG, separating it from the troubled London Capital Group Holdings, which went into liquidation.

The entity working the LCG model beneath the Bahamas license gives foreign exchange and contracts for variations (CFDs) devices. In the meantime, one other Monetary Conduct Authority-registered entity, which operates LCG within the UK, modified its enterprise mannequin final 12 months, turning into an introducing dealer for IG, as soon as its rival firm.

The discover by the Bahamas-registered LCG Capital Markets Restricted got here solely over every week after the FCA imposed restrictions on onboarding new purchasers and taking deposits to the UK-registered sister entity.

The notice on LCG Capital Markets Limited's website

The discover on LCG Capital Markets Restricted’s web site

Power Majeure

Now, the Bahamas-registered LCG is contemplating that “an emergency or an distinctive market situation exists which [might] stop [it] from performing all or any of our obligations.” The corporate is figuring out to implement this beneath ‘power majeure occasions’.

“Power Majeure Occasions embrace the next occasions: (i) any act, occasion or prevalence (together with any strike, riot or civil commotion, industrial motion, acts and rules of any governmental or supranational our bodies or authorities) that, in our affordable opinion, prevents us from sustaining an orderly market in a number of of the indices/markets in respect of which we ordinarily settle for transactions,” the discover added.

The chaos began when the Swiss regulator cancelled FlowBank’s license final month and declared the corporate bankrupt. The Bahamas-registered LCG can also be now engaged with FlowBank’s chapter liquidators.

In the meantime, the bulk shareholder of FlowBank known as the transfer by the Swiss regulator a “violation of rights” and intends to take “all needed procedures” to problem the regulator’s choice.

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