THE HEAD of MPS Global, a Clare-based investment and development company, has been ordered by the High Court not to reduce his assets below €4.5 million.

Mr Justice John Hedigan was told yesterday that the whereabouts of company director Jas Kalsi remained unknown, while the assets of MPS Global were untraceable by official liquidator Myles Kirby.

The court was told that Mr Kirby had been appointed official liquidator in May last and was now seeking a declaration compelling Mr Kalsi to repay the company €4,491,441 compensation in respect of the misapplication of investors monies.

More than 50 Irish investors are facing significant losses following the collapse of MPS Global which invested millions of euro on behalf of its Irish clients in overseas property deals, including condominium developments in New York and Chicago. Investments ranged from between €25,000 and €250,000.

Mr Kirby, a partner in accountancy firm Ferris Associates, has been investigating the circumstances surrounding the company’s collapse and its dealings with investors. He told the High Court yesterday that the €4.49 million had been collected by the company for investment in a fund but the assets had disappeared.