Investment company misused more than €56m of clients' funds, report finds

The High Court has appointed a liquidator to investment fund management company Custom House Capital Ltd after two Central Bank inspectors found "a systemic and deliberate misuse" by CHC of more than €56m of their client's assets and cash.

In their report the inspectors said this misuse of client's assets was deliberately disguised by CHC through the use of false accounting entries and the issue of false and misleading statements to clients.