Guernsey 'will support UK investigation'

Guernsey will support investigations into investments made by a UK company on the Channel Islands Stock Exchange, the chief minister has said.

An All Party Parliamentary Group, representing investors, is currently investigating Arch Cru, which had its Guernsey funds suspended in March 2009.

Deputy Lyndon Trott said States representatives would meet the MPs.

He said it would ensure any issues raised by the group were dealt with appropriately.

Deputy Trott said Guernsey Financial Services Commission was working with the UK Financial Services Authority (FSA) on its investigations.

In June the Financial Services Authority announced a £54m package for the investors, of which there were an estimated 20,000.

In a statement Deputy Trott said "this is a regulatory issue relating to a UK-managed and UK-regulated fund, and there are also legal proceedings relating to it under way in the UK", which made it "inappropriate" for him to comment.

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