Discontinued partnership

For almost a year now, we have cooperated with Carlton Huxley (“CH”), a private investigations company, whose staff travel internationally.

We were motivated to cooperate as we believed that NBLO and CH complemented each other:

- both NBLO and CH had a different set of relevant cross-jurisdictional contacts and experience

- between us, we covered closely two jurisdictions with which the UTM scheme was associated (Bulgaria and the UK) directly;

- we had complementary areas of work - legal and investigative respectively - and we felt both were needed to help you

We also took the view that a united front, and a larger number of clients, were a strength in themselves.

These considerations continue to be valid, but regrettably, we will not continue collaborating with CH.

Over the period of cooperation, the intention was that we will share information, evidence, contacts, opportunities and assist each other with concrete steps on behalf of clients. For our part, we have done so throughout the period, as well as assisting CH with specifically legal tasks.

As above, we feel that a success in both the legal and investigative components of work remain important. We will therefore substitute CH with high-quality investigative providers where needed.

We will be updating you soon on how we propose to resource this and our other future work.

One of our main concerns with CH especially apparent in the last 2 months was their approach to legal questions. Free from the constraints of seeking consensus with CH, we will now take such legal steps which we feel are in the best interests of our clients and of victims more generally.

We are aware that the primary concerns for you are and remain:

- recovering funds;

- the effectiveness of the strategies deployed;

- being regularly informed of the steps taken and their outcome;

- the taking of such measures and steps which have a real prospect of success and are objectively measurable; and

- having a realistic idea of the chances of recovery.

While we regret that the partnership with CH has not succeeded, we wish them success. We will focus on our first responsibility which is directly to our clients. We also believe this will have a spillover benefit for the wider group of UTM investors.

With any questions, please feel free to contact us via:

NBLO: utm@newbalkanslawoffice.com

New Balkans Law Office Team