Jubilee Ace/ Jenco/ GTR / 3Key – Lyra Newsletter No. 213

Dear Clients,

In cases such as Jubilee Group, one of the key issues from the perspective of further legal action is not only who participated in the operation of the system, but primarily from whom it is realistically possible to claim compensation for damages.

The fact that a certain individual was formally connected to the platform does not necessarily mean that such person represents a viable source of recovery. In practice, it is often the case that formally designated individuals have no assets or no actual control over the funds, while financial flows are carried out through other persons or structures.

For this reason, the proceedings are not focused solely on identifying formal participants, but also on determining where the funds ultimately ended up and who had actual control over them. This aspect is of particular importance when assessing the prospects of recovering damages.

In this context, the analysis of financial flows, related accounts, and the manner in which funds were managed represents one of the key elements of further action, as it helps identify the parties against whom it is meaningful to direct potential claims.

Understanding this approach is important in order to realistically assess the possibilities of recovery, as well as the reasons why the proceedings are not limited only to individuals who were formally visible to users.

We will keep you duly informed of any further relevant developments.

Kind regards,
Attorney Zoran Miljaković