LCG UK is Looking for Potential Share Buyers

FlowBank in liquidation issued a new circular to creditors on August 28, revealing plans for the sale of shares in London Capital Group (UK).

Shares in LCG UK and LCG Bahamas have been held by the bank since June 30 this year. The liquidators are now looking for potential buyers interested in purchasing the shares of LCG UK, while planning to cease the operational activities of LCG Bahamas.

“In respect of LCG UK, the Liquidators are currently seeking a potential purchaser who would be interested in acquiring all the shares in LCG; and in respect of LCG Bahamas, the Liquidators wish to discontinue the operation of LCG Bahamas.”

LCG is a trading brand of FlowBank SA, a company that was previously licensed by Swiss financial regulator FINMA. In the middle of this year, FlowBank declared bankruptcy and ceased operations. On June 13, the company went into liquidation.

The affected UK LCG ceased operations in July. At the same time, the UK's financial regulator, the FCA, issued restrictions on it, not allowing the business to accept new customers and deposits.