Trustshore Bank / www.trustshore.com

Published on: 03 October 2002

This notice is issued by the Financial Supervision Commission (“the Commission”) in accordance with the powers conferred upon it under Section 22 of the Financial Supervision Act 1988.

Trustshore Bank (“Trustshore”)

www.trustshore.com

The activities of Trustshore on the website www.trustshore.com have been brought to the attention of the Commission. The website registrant details are Joseph Atohengbe, Trustshore Group Inc., 12 Richard House, Silwood Street, London SE16 25H, Great Britain.

While Silwood Street does exist, the Commission cannot confirm the existence of Richard House. Similarly, the Commission is not able to confirm that Trustshore actually operates from that address, nor that Trustshore actually exists as an entity.

Trustshore claims to have a global presence, to have its base in Jersey, and to have an operation in the Isle of Man. The website offers the following services: online and private banking, investment management, trust and corporate services, mutual funds, insurance, custody services and consultancy/advice.

To offer such services from the Isle of Man requires a licence in respect of each activity issued by the Commission, or by the Insurance and Pensions Authority (IPA), the regulator of insurance and pensions business on the Isle of Man.

Trustshore does not possess a licence from either Isle of Man regulatory authority to offer from the Isle of Man any of the services listed, and neither the Commission nor the IPA has any record of any licence application by Trustshore to offer such services.

Trustshore therefore has no legitimate connection with the Isle of Man.

The Commission would urge any person considering doing business with Trustshore to exercise the greatest possible caution before proceeding, bearing in mind the content of this Public Notice. A similar notice is due to be posted in the near future on the website of the Jersey Financial Services Commission, www.jerseyfsc.org.

Any persons with any concerns about Trustshore should contact the Enforcement Division on +44 1624 689312 or by email to fsc@gov.im.