Anyone holding ARM Asset Backed Securities SA bonds, as well as those who transferred funds to ARM but have not received bonds, should seek independent professional advice once a consultation paper promised by ARM is issued, the Malta Financial Services Authority said.
It said that ARM informed investors that on August 26 it entered into a conditional sale and purchase agreement with Insetco plc.
The MFSA said that the acceptance of the proposed Insetco deal will ultimately be within the remit of the liquidator to be appointed by the court unless ARM challenged the decision by the Commission de Surveillance du Secteur Financier, who will decide on all questions that arise in relation to ARM and its business.
See also:
http://www.cssf.lu/fileadmin/files/Publications/Communiques/Communiques_2011/CP_1131.pdf