Lancer Offshore Inc. the Omnifund Ltd

PRESS RELEASE – Lancer Offshore Inc., the Omnifund Ltd. 

The Financial Services Commission is aware of the recent highly publicised reports in the international press concerning the Lancer Group of companies and is concerned to take action to protect the interest of investors in the Funds. 

Lancer Offshore Inc. and the Omnifund (the Funds) are both incorporated in the British Virgin Islands under the International Business Companies Act and are recognised as professional funds under the Territory’s Mutual Funds Act, 1996. 

In order to arrive at an independent decision on a course of action that it considers appropriate, the Commission is presently conducting an in-depth analysis of the Funds’ records. 

In the exercise of its regulatory powers, the Commission, on 5th May, 2003 made an application to the Court for orders to preserve the business of the Funds and to protect the interest of investors. The application has been adjourned to a date later this month and this would allow for further evidence to be heard in the matter. Pending the hearing of the application, no steps should be taken by the Funds that would be detrimental to the interest of investors. 

As the matter is now before the Courts, further details cannot be disclosed at this time.