High Court orders winding up of Ballybofey firm

An order has been made in the High Court to formally wind up a Ballybofey based company which is under investigation for alleged fraud.

An order has been made in the High Court to formally wind up a Ballybofey based company which is under investigation for alleged fraud.

The firm, ETIC Solutions, ceased trading late last year with hundreds of investors claiming they had incurred significant losses after investing money in the company.

The company’s directors include Francois DeDietrich, who also operated two business concerns in Letterkenny, and his wife Severine.

The High Court had previously been told that the business and management consultancy firm, with a registered address in Ballybofey, had operated in a “fraudulent manner akin to a ponzi scheme.”

Ms. Justice Mary Laffoy made an order winding up the company at Monday’s sitting of the High Court and agreed to appoint Declan McDonald of Price WaterhouseCooper, and Paul Rooney, PWC Belfast, as joint liquidators to ETIC.

As investigations into the firm continue, authorities in Northern Ireland have issued a warrant for the arrest of Mr DeDietrich.