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Alleged British pyramid scheme goes into liquidation
August 8, 2017 / 8:49 AM / in 3 months

Alleged British pyramid scheme goes into liquidation

LONDON (Reuters) - An alleged million-dollar pyramid scheme which is registered in Britain has gone into liquidation, the first step in the process of recovering its assets and distributing them to creditors.

Reuters reported last year how the venture, known as EuroFX, allegedly scammed thousands of investors in China and other countries. EuroFX had a British CEO and headquarters.

Euro Forex Investment Limited, the registered name for EuroFX, was wound up last month, according to documents filed with the companies registrar.

The liquidation follows a petition to the courts by creditor Sun Yao, the documents showed.

Grant Thornton has been appointed as liquidator.

“The liquidators are currently working to establish the remaining value of any recoverable assets associated with the company, and will be launching a portal for creditors to register their claims shortly,” a Grant Thornton spokesman said.

Sun Yao is represented by law firm Dentons, which declined to comment.

Reuters reported earlier this year that prosecutors in Anshan, northern China, dropped an investigation into David Byrne, the British chief executive of the scheme, and allowed him to leave the country, a year after he was apprehended in a citizen’s arrest by an investor.

Reporting by Carolyn Cohn in London and Engen Tham in Shanghai

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