The Financial Services Commission (FSC) says problems being faced by investors at UGI Finance and Investments, is not an indication that the entity was not properly regulated.
Executive Director of the FSC, Rohan Barnett gave the response when he was asked if the FSC missed any signs from UGI which would suggest that it was on the brink of collapse.
“This is an instance where it is not a matter of the FSC missing something or failing to act on something, the reason why UGI is here is because the directors of UGI determined that it was prudent for UGI to cease operating as a dealer to wind up the company, that’s why UGI is here. With respect to their decision to do you would have to ask them why they decided to do so,” Mr. Barnett said.
He says in a meeting held with investors in UGI on Friday, he told them of their rights in seeking to recover their monies and hinted that depending on the outcome of investigations, criminal charges could be brought against the former directors of UGI Finance and Investments.
“As they take a more active role in determining how to move to the liquidation, if there is any information that comes to their attention that suggests criminal activity and that information falls under the FSC’s jurisdiction then they would alert us as quickly as possible. They asked and we took to review any information that they were to provide that suggested that,” Mr. Barnett said.