VTBC Asset Management International Limited (“the Company”)

On 29 April 2022, the Guernsey Financial Services Commission, acting pursuant to powers granted to it under the Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020, made an application to the Royal Court for an administration management order in relation to the Company, a company licensed under the Protection of Investors (Bailiwick of Guernsey) Law, 2020. The Commission felt it necessary to take these steps, in these particular circumstances, in order to protect the interests of investors and the reputation of the Bailiwick as a financial centre given the ongoing impact of sanctions resulting from the Russo-Ukrainian war.

As a result of the application, the Royal Court appointed Alexander Cameron Adam, Andrew McFarlane Wood and Ian Colin Wormleighton of Teneo Financial Advisory Limited as the Administrators of the Company with the Administration Management Order being conditional on and having effect from the issue of a licence by the Committee for Policy & Resources under regulation 64 of the Russia (Sanctions) (EU Exit) Regulations 2019.