48 million euro damages for HCI ship fund investors have lost around 1,000 private investors with the end of 2007 ranked HCI of ship Fund shipping select XXV. The Fund invested the money in four bulk carriers, the panamax bulker Voge prestige, Voge prosperity, Vogetrader and Vogevoyager. Because the ships without fixed Charter contracts drove the disastrous development in the world ship market in its entirety is noticeable. After approximately four years, the Fund was at the end, the investors have suffered a total loss. Compensation for investors due to wrong advice and prospectus errors we already represented numerous clients in the Fund of HCI shipping select XXV and have found that our clients in many ways before the investment decision were incorrectly advised.
More than one-fifth of the investor money for sales commissions: many investors was not communicated, that is alone “emission”, so the commissions paid for the sales of fund shares to 22.9% of investors capital including premium costs. Only 72% of the investor money flowed into the ships: many Investors was not communicated, that only 72% of to be of them equity incl. premium for the purchase of vessels flow. The rest was used for various service fees, interest and commissions. Ship funds as retirement not suitable: the investment in the Fund of the ship is a highly risky entrepreneurial participation, in which due to the high leverage is the risk of the total loss. Nevertheless, the participation of as retirement savings or investment in the age was recommended. Such participation is not appropriate according to the Bundesgerichtshof as pensions.
The Bank Manager had therefore not may recommend the Fund. Distributions were presented as a rate of return: the dividends that investors should receive regularly, were misleading way represented in the consultations as a return. That regular payments were partly a refund of previously invested equity, were we to the noted investors regularly nor The fact that liability for the fund company’s debts caused by these payouts.