An exclusive house in London; considering homes for sale london is being put up for sale after falling into the hands of administrators to Global Trader Europe (GTE). Smith & Williamson, administrator to GTE, is understood to be involved in taking control of the subsidiary that owns this property. The administrators have declined to comment thus far.
GTE was placed into administration on 15th February 2008 after one of its clients incurred trading losses that he wasn’t able to cover. As a result of the losses, a short fall developed in GTE’s minimum capital as required by UK regulations. Following the administrators intervention, clients are unable to open new trades or withdraw funds.
The shortfall was a result of losses sustained by an unnamed client trading in contracts-for-difference in Artilium, an Am-listed telecommunications technology group popular with retail investors. It is understood the client could contribute additional money to cover his losses.
Global Trader launched its UK operations on 6th June 2005. Having already built successful international operations, they moved their head office to London. Part of its objective is offering traders in the UK a competitive deal, giving them access to emerging markets in Asia, Africa, Eastern Europe, and Latin America.
UK clients have complained that communication from GTE and the administrators Smith & Williamson has been poor after the troubles arose regarding this home in London.
Charles Savage, CEO for Global Trader Europe said he can understand client’s frustration, but says the administration process restricts him from making comments to clients. He requests clients to give the administrators time to evaluate the business before they can issue a statement regarding funds that clients can hang their hats on.
The freehold property is marketed for sale by Powis Properties, an estate agent in Notting Hill. The 10,000 sq ft home includes seven bedrooms, a library, awine cellar, a gym, and a swimming pool.
Editor: For London homes for sale go to: myfirsthomeltd.co.uk
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