First Global Inc (2)

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.

Peerless Equity Group Limited Global Asset Principals Limited First Global Inc. of Nevada

Please refer to the Public Warning issued on 16 July 2002 under the title “First Global Inc.”

The Commission has received further information that the position regarding the legitimate Isle of Man incorporated companies P.E.G. Limited and G.A.P. Limited is still being misrepresented by persons in the United States.

Peerless Equity Group Limited and Global Asset Principals Limited are being presented as Isle of Man incorporated companies, and their names are being presented as alternative designations for the legitimate Isle of Man incorporated companies P.E.G. Limited and G.A.P. Limited respectively.

G.A.P. Limited

There is no connection whatsoever between the legitimate company G.A.P. Limited and the entity Global Asset Principals Limited.

There is no company incorporated on the Isle of Man in the name Global Asset Principals Limited.

Claims of any connection between G.A.P. Limited and Global Asset Principals Limited are entirely false.

The directors of the legitimate G.A.P. Limited have confirmed that they have no business dealings whatsoever with First Global Inc., and that the company has not entered into agreements of any nature with First Global Inc. or any other entity relating to alleged “documentary credits” or “documentary letters of credit.”

The directors of G.A.P. Limited have indicated that the company is not and has never claimed to be a “financial powerhouse” as claimed by First Global Inc., and have confirmed that the company is not in any way involved in financial services as claimed by First Global Inc. G.A.P Limited is a privately owned property holding company with an issued share capital of £2 Sterling.

Those making false claims about the true position of G.A.P. Limited are distributing copies of the Certificate of Incorporation of G.A.P. Limited as supposed proof of the bona fides of Global Asset Principals Limited.  The Commission would like to stress that the Certificate of Incorporation being distributed confirms nothing more than the incorporation of the legitimate company G.A.P. Limited, and does not in any way relate to the non-existent entity Global Asset Principals Limited.

The Commission has also received information that those making false claims about the true position of G.A.P. Limited are suggesting that Global Asset Principals Limited also operates from an office in Cardiff, Wales.  The directors of the legitimate G.A.P. Limited have made it clear that they have no association with or knowledge of any such office in Wales.

P.E.G. Limited

There is no connection whatsoever between the legitimate company P.E.G. Limited and the entity Peerless Equity Group Limited.

There is no company incorporated on the Isle of Man in the name Peerless Equity Group Limited.

Claims of any connection between P.E.G. Limited and Peerless Equity Group Limited are entirely false.

The directors of the legitimate P.E.G. Limited have confirmed that they have no business dealings whatsoever with First Global Inc., and that the company has not entered into agreements of any nature with First Global Inc. or with any other entity relating to alleged “documentary credits” or “documentary letters of credit.”

The directors of P.E.G. Limited have indicated that the company is not and has never claimed to be a “financial powerhouse” as claimed by First Global Inc., and have confirmed that the company is not in any way involved in financial services as claimed by First Global Inc.  P.E.G Limited is a privately owned investment holding company with an issued share capital of £2 Sterling.  It is in the process of dissolution, and will remain on the Isle of Man Companies Registry designated as a dissolved company after dissolution. However, it will cease to exist as a legal entity from the date of its dissolution.

The Commission would urge any member of the public contacted by any person purporting to represent First Global Inc., Peerless Equity Group Limited or Global Asset Principals Limited to exercise the greatest possible caution before proceeding, bearing in mind the content of this Public Notice and the Public Notice issued on 16 July 2002.