Public Statement 18 of 2021 - WPC FUND LTD

PUBLIC STATEMENT

WPC FUND LTD 
Formerly named (World Property & Commodity Fund Limited)

Tortola, British Virgin Islands – 03 June 2021 – The British Virgin Islands Financial Services Commission (the "FSC") considers it necessary to issue this public statement in order to protect the public interest and the interests of any customers or creditors of WPC Fund Ltd, (the "Company") and to make the general public aware that the Company is no longer licensed and/or regulated by the FSC.  

The details are:

The Company was incorporated on 29th August 2008, under the BVI Business Companies Act, 2004 and was subsequently granted a Certificate of Recognition as a private mutual fund on 17th September 2008.

On 11th May 2021, the FSC revoked the certificate of recognition based on the grounds as set out as follows:

1.    Section 37(1)(a)(i) of the Financial Services Commission Act, 2001 (the "FSC Act"); namely that the Company is in breach of several of its regulatory obligations;

2.    Section 37(1)(a)(iii) of the Financial Services Commission Act, 2001, for carrying on or likely to be carrying on business in a manner detrimental to the public interest or the interest of clients, creditors or investors; and

3.    Section 37(1)(a)(vii) of the Financial Services Commission Act, 2001, where the Company does not satisfy the Commission's fit and proper criteria.

The Company is no longer licensed and/or regulated by the FSC.

The FSC has issued this Public Statement pursuant to Section 37A (1) of the FSC Act.