On 12th July 2018 a petition to wind up investment company AIGO (Alternative Investment Growth Opportunities) Holdings PCC will be heard at The Royal Courts of Justice in London.
The petition has been presented by Self Invested Personal Pension (SIPP) provider, Guinness Mahon after raising concerns over the whereabouts of investors’ pension funds. The petition closely follows the appointment of Grant Thornton as the liquidators of AIGO on 28th June 2018.
AIGO is a ‘loan note’ property investment scheme where investors’ pension funds were transferred to one or more of the following, with the promise of annual coupon payments:
- AIGO Natural Resources
- AIGO Commercial Holdings
- AIGO Residential Holdings
- AIGO Equity Fund
The investment, often sold alongside HJ Liquid Assets, has already attracted the attention of the Financial Conduct Authority (FCA), who have since placed restrictions on financial adviser firms, including Bank House Investment Management, Financial Page and Henderson Carter Associates, stating that they must not carry on any activities in relation to pension switches and/or pension transfers to any SIPP, in order to facilitate investments into non-standard assets, including the AIGO fund.
In 2016, Guinness Mahon confirmed to its clients that the AIGO investment was no longer available, and that the notice period required to withdraw funds from the investment had been increased from 12 to 24 months. It has since been confirmed that the AIGO investment, which was traded on the Stock Exchange of Mauritius, was withdrawn from trading as of 21st March 2016. The GXG Stock Exchange market on which HJ Liquid Assets traded closed in August 2015 resulting in the non-payment of coupons to investors.
Sarah Spruce, Head of TLW Solicitors’ Professional negligence and Financial Mis-selling team, confirmed that TLW act for dozens of clients who have lost their life savings having invested in AIGO loan notes.
Some TLW clients are already receiving compensation payments but could be due more if AIGO are wound up following the hearing on 12th July. This is because most of TLW’s AIGO cases to date have been dealt with by the Financial Services Compensation Scheme (FSCS) who have issued interim payments to reflect loss of pension growth. If, following the hearing, AIGO is wound up and deemed to have no value, then clients may receive further compensation from the FSCS for the money that they have lost as a result of making the investment.
What can I claim if I have lost money investing?
As well as being entitled to claim towards the amount which you invested, you may be able to claim:
- Fees paid to the pension/SIPP company who arranged your investment;
- Money you would have made if your pension/savings had of remained where they were.
If you think that you, a friend or loved one may have invested into AIGO, then please get in touch with one of the specialist financial mis-selling lawyers here at TLW Solicitors on 0800 169 5925, email info@tlwsolicitors.co.uk or complete the Callback form below.