Dear Clients,
In the previous week, there were new developments when it comes to RCM. A quick reminder of our letter below:
REGAL CORE MARKETS LIMITED
P. O. Box 535, Port Vila, Vanuatu
Case: JUBILEE GROUP
On 01.06.2022 RCM announced that 2.164.603.559,08 USD belonging to Jubilee group are deposited in their accounts.
On 10.06.2022 our law office requested the freezing of assets belonging to our clients until the court proceedings are over.
Below is the extract from our request to RCM:
„ Considering that criminal proceedings are being conducted against the above-mentioned individuals, we REQUEST that the funds of the Jubilee Group of USD 2,164,603,559.08 deposited on your accounts be frozen until the end of the court proceedings. The clients we represent have the right to be made whole again and settle their claims using these funds.
Legal advice
If you do not comply with our request to freeze the funds, you may be accused of complicity in the criminal offenses for which the responsible persons of the Jubilee Group are charged“.
On 20.04.2023 RCM announced that they are ceasing all operations with immediate effect and that all activities, deposits and withdrawals will be permanently shut due to insolvency.
Legal breakdown
In case the assets belonging to investors were indeed on the accounts of RCM, it was their legal obligation to preserve those assets and not use them in their day-to-day operations. Failure to do so bears legal consequences.
There are indications to believe that RCM was colluding with Jubilee Group in their alleged intent to defraud investors. The next step that we will undertake is to notify the prosecutor of this development with an official letter. This information will be of great interest to the prosecution.
Furthermore, we will continue conducting our own investigation and seek to establish solid evidence pertaining to the connection between Jubilee Group and RCM which we will include in the existing criminal report and future criminal reports that we intend to submit in other jurisdictions.
Zoran Miljakovic
Attorney at Law