APOLOGY & CORRECTION:In the Business supplement of our edition of March 13th last, we published an article headed "Custom House investors clash with liquidator" which contained a number of inaccurate statements concerning the accountancy firm Horwath Bastow Charleton.
It was incorrectly stated that Horwath Bastow Charleton had sought a fee of €225,000 for work in assessing the value of investments under their management held by former clients of collapsed investment firm Custom House Capital. It was also incorrectly implied that it had been alleged in the course of submissions to the High Court that investors had incurred additional fees of several thousands of euro to Horwath Bastow Charleton. In fact, that firm has never been appointed manager of Custom House Capital client assets, and has never sought or been paid any fees by investors or the liquidator of Custom House Capital Limited.
Horwath Bastow Charleton Wealth Management Limited, has agreed to assist the Official Liquidator of Custom House Capital Limited in managing investors assets for 25 per cent less than investors had previously agreed to pay to Custom House Capital Limited. Those management fees have never been the subject of any clash or dispute with investors.
We apologise to Horwath Bastow Charleton and to Horwath Bastow Charleton Wealth Management Limited. We did not intend to impugn the standing of integrity, fitness and probity of either entity or to suggest that they do not enjoy the confidence and support of the investors.
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