Jubilee Ace/ Jenco/ GTR / 3Key – Lyra Newsletter No. 235

Dear Clients,

In our previous updates, we discussed the international nature of the Jubilee Group matter and why information and evidence obtained in one jurisdiction may be relevant to proceedings in another.

This week, we would like to address one of the most important questions for victims:

Does the existence of criminal proceedings mean that lost funds will automatically be recovered?

Criminal proceedings and the recovery of funds are not the same thing

The primary purpose of criminal proceedings is to determine whether a criminal offence has been committed, identify the persons responsible, collect evidence and, where the necessary conditions are met, pursue criminal prosecution.

For victims, however, another question is equally important: what happened to the money, and are there assets from which their losses could potentially be compensated?

These two issues are connected, but one does not automatically guarantee the other.

Even where there is evidence of fraud, the possibility of recovering funds may depend on whether the money or other assets can be located, whether they can be linked to the relevant persons and transactions, and whether there is a legal basis for securing those assets and potentially using them to compensate victims.

Why is the international nature of the Jubilee Group matter also important for recovery?

In international investment fraud cases, money does not necessarily remain in the country where the investor is located or with the company to which it was originally transferred.

Funds may pass through different bank accounts, companies, payment service providers or cryptocurrency transactions across several jurisdictions.

For this reason, information obtained in one proceeding may be relevant not only to establishing responsibility, but also to identifying financial flows and potential assets.

This is precisely why proceedings and information from different jurisdictions should not always be viewed entirely in isolation.

Can the recovery of invested funds be guaranteed at this stage?

No.

It would be irresponsible to promise in advance that the entire loss will be recovered, just as it would be premature to conclude that recovery is no longer possible.

Similarly, the fact that a particular amount was originally invested in cryptocurrency does not, by itself, mean that any eventual compensation would automatically be calculated according to the cryptocurrency’s current market value.

The manner in which any potential claim may be determined depends on the legal basis, evidence concerning the specific investment and loss, the applicable law, and decisions of the competent authorities.

What does this mean for the next steps?

 The criminal complaint currently being prepared for submission to the competent authorities in Sweden represents an additional legal avenue within the broader international matter.

Its submission does not guarantee the recovery of funds, but it will allow the relevant facts, individuals, documentation and financial connections to be presented to the competent authorities for their further consideration and action.

At present, no additional action is required from our clients, nor is there any need to resubmit documentation that has already been provided.

If additional information or documents are required, we will contact the relevant clients.

We will inform you once the criminal complaint has been formally submitted in Sweden, as well as of any other significant and verified procedural developments.

Thank you for your continued trust.

Kind regards,
Attorney Zoran Miljaković