A collapsed investment firm’s failure to maintain proper accounts has made it difficult, and in some cases impossible, to determine where €56m in misappropriated client funds has gone, the High Court has heard.

The Minister for Finance Michael Noonan has confirmed that the Central Bank has imposed fines totalling €575,640 to date this year in relation to administrative sanctions procedure cases.

Nearly three years after investigations into what happened in the collapse of Custom House Capital (CHC), it is still unclear as to what assets the company owns.

A group of more than 80 investors have found themselves owing almost €18m to Bank of Scotland after signing over power of attorney to an accountant for an investment project.

The High Court has reserved its decision in Custom House Capital’s former chief executive Harry Cassidy’s challenge against orders freezing two accounts with the Bank of Ireland.

The bank stress tests will be held in two phases with an asset quality review scheduled for later this year followed by stress tests in the first half of next year, the deputy governor of the Central Bank, Matthew Elderfield, said.

A provisional liquidator is to take control of a company formerly linked to wound-up investment firm Custom House Capital.

Investors in Custom House Capital have received a letter from the firm’s liquidator, Howarth Bastow Charleton, informing them that the first section of client funds will be released by Sep 30.

Eight months after a report on Custom House Capital’s Ponzi-type scheme — in which many lost their life savings — those responsible have not been brought to justice, says Michael Clifford

The Central Bank wants the power to directly apply to the High Court to have an administrator appointed to investment firms in danger of failure.

Michael Clifford on the demise of Custom House Capital and the missing €56 million

Financial Regulator Matthew Elderfield is promising a major review of all asset management companies.

A PENSIONS and investment firm has been wound up after misusing €56 million in clients’ money to cover up troubled property deals.

CUSTOM House Capital not only “systematically and deliberately” misused assets and cash belonging to clients but even issued false and misleading statements to clients to cover up its activities.

THE High Court has appointed a liquidator to investment fund management company Custom House Capital Ltd after two Central Bank inspectors found serious misuse by CHC of over €56 million of their clients’ assets and cash.

A REPORT about the operations of a Dublin wealth management company will be submitted to the High Court in October.