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The Central Bank moved yesterday to shut down Blackbee Investments in a bid to protect client assets from the Cork firm’s deteriorating financial condition.
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Regulator ordered BlackBee last December not to make any payments from third party client asset accounts without the prior approval
The Central Bank - who applied to appoint the liquidators - said it deemed the move necessary to protect the interests of investors.
The Central Bank of Ireland has succeeded in its High Court application for provisional liquidators to be appointed to a Cork-based investment fund with some €180 million in client assets.
The court heard the firm had about 1,700 retail clients (non-professional investors) and held client assets of some €180 million as of April 28th.