Court hears £20 million fraud case

An Island court says the best place to hear a case involving an alleged £20 million fraud is on the Isle of Man.

Old Mutual International and Old Mutual International Ireland are suing Leonteq Securities, Eburacum Marketing and Alexander Robinson over losses they say they suffered.

Deemster Doyle heard Leonteq Securities, a Swiss bank, is alleged to have charged fraudulent fees and costs in a £94 million investment scheme.

He allowed an application to serve outside the Isle of Man and froze the assets of Eburacum Marketing and Mr Robinson.