Police Respond to Disorder Incident on Victoria Ave as Du Val Group Navigates Financial Turmoil

In a recent statement, police confirmed that they responded to a disorder incident this afternoon involving two parties on Victoria Avenue. “There were no injuries reported, and one individual was taken into custody temporarily but has since been released without any charges.”

Du Val Group Undergoes Statutory Management

In August, the Government took the unprecedented step of placing the Du Val Group under statutory management. This move came after the company had recently been placed in interim receivership, leaving a significant financial burden.

Commenting on the situation, Commerce and Consumer Affairs Minister Andrew Bayly emphasized the gravity of the matter. “The situation is complex and of such a scale that immediate intervention is required to prevent broader harm,” Bayly stated. “Statutory management is the last resort used for complex corporate failures where regular insolvency laws are insufficient. It aims to safeguard investors and creditors from further losses and to manage the company’s affairs efficiently.”

Financial reports from PwC released in September detailed the extent of the Du Val Group’s financial obligations. The company owed an estimated $237.6 million, according to the report.

The breakdown of these liabilities includes:

• $170.7 million to first-ranking secured creditors
• $41.2 million to investors
• $18 million to unsecured creditors
• $7.5 million to preferential creditors, including employees and Inland Revenue

This brings the total estimated external obligations to $236.6 million.

Controversies Surrounding Kenyon and Charlotte Clarke

In December, High Court records revealed additional concerns regarding the Clarke family. PwC, acting as the statutory manager, reported the existence of valuable jewelry pieces found during an inspection of properties under the Clarke family’s control.

Michael Arthur, PwC’s lawyer, stated that documents indicated the presence of nine high-value jewelry items. Further, seven other items were subject to inquiry, and the Clarke family had declined to provide information on those pieces.

PwC had repeatedly requested information about these jewelry items and their whereabouts from Kenyon and Charlotte Clarke, who had reportedly declined to answer the questions.