The liquidation of a collapsed financial services firm is still ongoing - more than 10 years after the company collapsed.

Louis Group IoM was placed into liquidation by the high court in December 2012.

Liquidators said there was a ’taint of illegality’ across the vast majority of its business in the Isle of Man.

Treasury Minister Dr Allinson, in a written reply to a Tynwald question, has revealed: ‘The liquidation process remains ongoing as at today’s date.’

He said while the company continues to hold a licence, it is unable to take on any new customers.

Liquidators of Louis Group (IoM) concluded there had been a substantial loss of investor capital running into tens of millions of pounds with most of the group’s island-based entities being insolvent.

They found ’highly improper’ activity with investor funds, misleading promises of high returns and low risk, unlicensed deposit taking, inter-mingled funds and poor accounting records.

There was also a culture of fear and intimidation with Louis Group chief executive officer Dr Alan Louis having ultimate and absolute control.

Liquidators also discovered evidence of substantial sums paid to Dr Louis and his trusts from money sourced from investors and accounted for as debts. Some of this money was used to meet personal obligations such as mortgage or other debts.

Following a disqualification hearing brought by the Financial Services Authority in 2018, Dr Louis, 58, was banned from acting as company director or secretary for a period of 12 years, until April 2031.

Dr Louis, who represented himself at the disqualification hearing, said the FSA had been unfair and treated him ’despicably’.

He said the family business had been going 99 years and he had been involved in the group for 31 years. The fund had a 100% success rate for 20 years before operations began in the island in 2002, he claimed.

’It’s only in the Isle of Man where I am seen as a monster,’ he said.

Fellow director Lukas Nakos, 48, a former team leader at the Living Hope Church in Douglas, was disqualified for six years until April 2025.

Another director Dirk Mudge, 47, who gave a voluntary undertaking of disqualification, remains banned until November 2026.

Replying to a question from Arbory, Castletown and Malew MHK Jason Moorhouse, the Treasury Minister said: ‘Whilst the company continues to hold a licence, issued by the Isle of Man Financial Services Authority; to undertake certain regulated activities, it is not able to take on any new customers and the liquidator controls and oversees the company’s activities.

‘The liquidator is accountable to the High Court for the conduct of the liquidation of the company and details of the liquidator can be found on the website of the Companies Registry.

‘Any decisions made, or actions taken in respect of the ongoing liquidation of the company will be made or taken (as applicable) by them and fall entirely within their discretion.’