The administrators of collapsed minibond scheme Asset Life plc have released their latest six monthly report.
Unfortunately there’s been little reportable progress, with the two investments that form the ashes of Asset Life plc, Kyrgyzstani gold hunter Aprelskoe and Armenian metal grubber Lori Iron and Steel, continuing to blank the administrators. The administrators continue to attempt to extract blood from both stones but say they “do not anticipate material realisations in this regard”.
There’s also been no further revelations on how Anglo Wealth plc, an “elegantly packaged scam” which shared two senior personnel in common with Asset Life plc was able to repay the investors in Anglo Wealth, despite having already spent their money: Asset Life plc chairman Martin Binks was an Anglo Wealth director (and ex London Capital and Finance director). Asset Life plc shareholder Terrence Mitchell was also an Anglo Wealth director. Unlike Mitchell, Martin Binks was not party to the criminal case against Anglo Wealth and is not accused of any wrongdoing.
Investigations remain ongoing into the marketing claims made by Asset Life to investors, the supposed insurance arrangements, and where the money went.
The administrators time costs currently stand at £188k, having long blown through the £8,000 that was in the bank on appointment, and remains the only asset to realise any value as things stand.