Taxpayer funded liquidations of companies linked to Premier Group IoM
| Authority | Isle of Man Financial Services Authority |
|---|---|
| Date received | 2019-09-26 |
| Outcome | No information sent - all held but exempt |
| Outcome date | 2019-10-21 |
| Case ID | 979981 |
Summary
A request was made for details on taxpayer-funded liquidation costs for companies linked to the Premier Group Isle of Man, but the Financial Services Authority refused to disclose any information.
Key Facts
- The request concerned costs borne by the IoM taxpayer for liquidating Premier Group-linked entities.
- Specific companies mentioned include New Earth Recycling and Renewables, Eco Resources Fund, and their subsidiaries.
- The Isle of Man Financial Services Authority held the information but deemed it exempt from disclosure.
- The refusal was based on Schedule 5 of the Financial Services Act 2008.
- Disclosure of the requested information is prohibited by statute and constitutes a criminal offence if breached.
Data Disclosed
- 2019-09-26
- 2019-10-21
- 979981
- Financial Services Act 2008
- Schedule 5
Exemptions Cited
- Schedule 5 to the Financial Services Act 2008
- Information relating to the business or other affairs of any person
Original Request
1) Please can you supply details of the costs borne by the IoM taxpayer to date in connection with the following companies linked to the Premier Group Isle of Man: *New Earth Recycling and Renewables (Infrastructure) pl and its two feeder funds Premier Investment Opportunities Fund and Eclipse Investment Fund *Eco Resources Fund and its subsidiaries ERF Ltd and EcoPlanet Bamboo IoM 2) Is the taxpayer funding the liquidation costs of any other company linked to or promoted by the Premier Group (IoM)? If so which ones and how much has been expended to date?
Data Tables (1)
Full Response Text
Isle of Man Financial Services Authority PO Box 58, Finch Hill House, Bucks Road, Douglas, Isle of Man, IM99 1DT Tel: +44 (0)1624 646000 Website: www.iomfsa.im
Our ref: 979981 18 October 2019
Dear ###
We write further to your request which was received on 26 September 2019 and which states:
"1) Please can you supply details of the costs borne by the IoM taxpayer to date in connection with the following companies linked to the Premier Group Isle of Man: New Earth Recycling and Renewables (Infrastructure) pl and its two feeder funds Premier Investment Opportunities Fund and Eclipse Investment Fund Eco Resources Fund and its subsidiaries ERF Ltd and EcoPlanet Bamboo IoM 2) Is the taxpayer funding the liquidation costs of any other company linked to or promoted by the Premier Group (IoM)? If so which ones and how much has been expended to date?"
While our aim is to provide information whenever possible, in this instance the information is absolutely exempt from disclosure on the basis that disclosure is prohibited under Schedule 5 to the Financial Services Act 2008 (“the Act”). Paragraph 1 of Schedule 5 to the Act restricts the disclosure of certain information by the Authority, its members or its agents or servants. The information which is restricted includes information 'which relates to the business or other affairs of any person' and breach of this restriction is a criminal offence. The information that is sought relates to the business or other affairs of the persons identified in the request and is, therefore, restricted information under the Act and so restricted by statute.
Please quote the reference number 979981 in any future communications.
Your right to request a review
If you are unhappy with this response to your freedom of information request, you may ask us to carry out an internal review of the response, by completing a complaint form and submitting it electronically or by delivery/post.
An electronic version of our complaint form can be found by going to our website at https://services.gov.im/freedom-of-information/Review . If you would like a paper version of our complaint form to be sent to you by post, please contact me and I will be happy to arrange for this. Your review request should explain why you are dissatisfied with this response, and should be made as soon as practicable. We will respond as soon as the review has been concluded.
If you are not satisfied with the result of the review, you then have the right to appeal
to the Information Commissioner for a decision on;
1. Whether we have responded to your request for information in accordance with
Part 2 of the Freedom of Information Act 2015; or
2. Whether we are justified in refusing to give you the information requested.
In response to an application for review, the Information Commissioner may, at any
time, attempt to resolve a matter by negotiation, conciliation, mediation or another
form of alternative dispute resolution and will have regard to any outcome of this in
making any subsequent decision.
More detailed information on your right to a review can be found on the Information
Commissioner’s website at www.inforights.im.
Should you have any queries concerning this letter, please do not hesitate to contact
me.
Further information about freedom of information requests can be found at
www.gov.im/foi.
I will now close your request as of this date.
Yours sincerely
Freedom of Information Coordinator Isle of Man Financial Services Authority foi@iomfsa.im
Isle of Man Financial Services Authority PO Box 58, Finch Hill House, Bucks Road, Douglas, Isle of Man, IM99 1DT Tel: +44 (0)1624 646000 Website: www.iomfsa.im
Our ref: 979981 18 October 2019
Dear ###
We write further to your request which was received on 26 September 2019 and which states:
"1) Please can you supply details of the costs borne by the IoM taxpayer to date in connection with the following companies linked to the Premier Group Isle of Man: New Earth Recycling and Renewables (Infrastructure) pl and its two feeder funds Premier Investment Opportunities Fund and Eclipse Investment Fund Eco Resources Fund and its subsidiaries ERF Ltd and EcoPlanet Bamboo IoM 2) Is the taxpayer funding the liquidation costs of any other company linked to or promoted by the Premier Group (IoM)? If so which ones and how much has been expended to date?"
While our aim is to provide information whenever possible, in this instance the information is absolutely exempt from disclosure on the basis that disclosure is prohibited under Schedule 5 to the Financial Services Act 2008 (“the Act”). Paragraph 1 of Schedule 5 to the Act restricts the disclosure of certain information by the Authority, its members or its agents or servants. The information which is restricted includes information 'which relates to the business or other affairs of any person' and breach of this restriction is a criminal offence. The information that is sought relates to the business or other affairs of the persons identified in the request and is, therefore, restricted information under the Act and so restricted by statute.
Please quote the reference number 979981 in any future communications.
Your right to request a review
If you are unhappy with this response to your freedom of information request, you may ask us to carry out an internal review of the response, by completing a complaint form and submitting it electronically or by delivery/post.
An electronic version of our complaint form can be found by going to our website at https://services.gov.im/freedom-of-information/Review . If you would like a paper version of our complaint form to be sent to you by post, please contact me and I will be happy to arrange for this. Your review request should explain why you are dissatisfied with this response, and should be made as soon as practicable. We will respond as soon as the review has been concluded.
If you are not satisfied with the result of the review, you then have the right to appeal
to the Information Commissioner for a decision on;
1. Whether we have responded to your request for information in accordance with
Part 2 of the Freedom of Information Act 2015; or
2. Whether we are justified in refusing to give you the information requested.
In response to an application for review, the Information Commissioner may, at any
time, attempt to resolve a matter by negotiation, conciliation, mediation or another
form of alternative dispute resolution and will have regard to any outcome of this in
making any subsequent decision.
More detailed information on your right to a review can be found on the Information
Commissioner’s website at www.inforights.im.
Should you have any queries concerning this letter, please do not hesitate to contact
me.
Further information about freedom of information requests can be found at
www.gov.im/foi.
I will now close your request as of this date.
Yours sincerely
Freedom of Information Coordinator Isle of Man Financial Services Authority foi@iomfsa.im