1,600 Blackbee investors have lodged compensation claims
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More than 1,600 former Blackbee investors have filed claims with the State's compensation scheme.
In its Annual Report, the Investor Compensation Company DAC (ICCL) said it invited claims from the 2,055 clients of BlackBee Investments Limited (BBIL) which was put into liquidation in May 2023 after the Central Bank moved to protect investors, with assets reported at the time of €180m. Later reports said €92m had matured for investors. Liquidators subsequently corresponded with up to 1,700 investors.
BlackBee Investments associated company Aperee had made significant investments into the nursing home sector, setting out to build up a €100m portfolio, but several of their development projects stalled.
The ICCL said more than 1,600 claims have been received but it was not known if compensation will be available for former clients.
"These claims will be certified upon the conclusion of investigations by the Liquidators into the affairs of BBIL, and the related reconciliation of client accounts. It remains unclear at this time whether compensatable losses will arise," the report said.
Established under the Investor Compensation Act, the scheme is aimed at small investors and provides compensation of up to €20,000 for each investor for claims covered. The ICCL collects levies annually from investment firms in order to build the reserves from which compensation can be paid.
In its report, the ICCL said it recorded a surplus for the year to 31 July 2023 of €9.6m, an increase of €4m on the previous year, attributable to the receipt of risk equalisation levies. At year-end, accumulated reserves stood at €97.8m.