IoM Regulator Corrects False Business Claims

by Philip Morton, Investors Offshore.com

14 August 2008

The Isle of Man's Financial Supervision Commission has this week issued a notice in accordance with the powers conferred upon it under Section 12 of the Financial Services Act 2008 after becoming aware of several websites which include references to and falsely claim to represent certain entities.

The websites in question include:

1. www.banquedeprinkipos.com
2. www.kredisglama.com
3. Banque De Prinkipo
4. Prinkipo Consulting and Trade Limited
5. PC & T (IOM) Limited

All of the above contain claims that PC & T (Isle of Man) Limited is “Licensed by the Isle of Man Financial Supervision Commission as a Corporate Service Provider” - a claim the FSC says is false.

According to the Commission, none of the above entities are, nor ever have been, licensed by the FSC to undertake Corporate Service Provider or any other regulated activity.

Also, the FSC noted that none of the above entities are incorporated within the jurisdiction of the Isle of Man, registered as foreign companies having established a place of business on the Isle of Man, or registered as business names on the Isle of Man.

The websites also contain claims implying that one or more of the above entities may have regulated status with other worldwide regulatory bodies, but the Commission said that it has been unable to verify that any such claims are valid.

"Under the circumstances, the Commission would strongly urge persons visiting the above websites and considering dealing with the above entities to exercise the greatest possible caution before proceeding, bearing in mind the contents of this public notice," the FSC warned.

The Commission has recommended that persons considering dealing with the above entities, at the very least, seek independent corroboration of any claims to regulated status by directly contacting the regulator body concerned.

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