First Global Inc. (3)

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 Warnings issued on 16 July 2002 and 5 September 2002 under the title “First Global Inc.” and “First Global Inc. (2).”

The Commission understands that First Global Inc. has issued a rebuttal of the information contained in the Public Warning dated 16 July 2002. The content of the first Public Warning, obtained from public sources and through communications with the directors of the legitimate Isle of Man incorporated companies G.A.P. Limited and P.E.G Limited, is accurate at its date of issue, and remains accurate now. The same is true of the second Public Warning issued by the Commission on 5 September 2002.

The Commission is aware that First Global Inc. is publicly indicating that it intends to bring a lawsuit against the Commission for USD 100 million. The Commission would welcome the opportunity to reiterate the correct position on these matters in Court.

Part of the First Global Inc. rebuttal document attempts to perpetuate the false impression that the non-existent entities Global Asset Principals Limited and Peerless Equity Group Limited do exist, by claiming that the supposed Isle of Man companies of that name were registered in the United Kingdom under the trading names Global Asset Principals Limited and Peerless Equity Group Limited. At the time the Commission became aware of this claim, 6 September 2002, investigations conducted by the Commission indicated that there were no entities registered as trading names or as incorporated companies in those names in the United Kingdom.

However, the Commission is now aware from United Kingdom public records that companies were incorporated in the United Kingdom on 9 September 2002 in the names of Global Asset Principals Limited (company number 04530756) and Peerless Equity Group Limited (company number 04529992). These incorporations post-date the claims that the companies already existed under registered trading names. Both UK companies are shown as having a registered office address of 1 Saville Chambers, 5 North Street, Newcastle Upon Tyne, NE1 8DF, England. JL Nominees One Limited is recorded as corporate director of both companies, and JL Nominees Two Limited is recorded as corporate secretary to both companies. JL Nominees One Limited and JL Nominees Two Limited have the same registered office address as the United Kingdom companies Global Asset Principals Limited and Peerless Equity Group Limited.

The directors of the Isle of Man incorporated companies G.A.P. Limited and P.E.G. Limited have indicated that there is no connection whatsoever between them and the newly incorporated companies in the United Kingdom in the names of Global Asset Principals Limited and Peerless Equity Group Limited. Any claims to the contrary are false.

The Commission would reiterate that Global Asset Principals Limited and Peerless Equity Group Limited are not Isle of Man incorporated companies, and as they do not exist in the Isle of Man , they have no connection with the legitimate Isle of Man companies G.A.P. Limited and P.E.G. Limited.

The Commission would also reiterate that Peerless Equity Group Limited and Global Asset Principals Limited are not legitimate alternative designations for the Isle of Man incorporated companies P.E.G. Limited and G.A.P. Limited respectively.  It is important to note that there is no connection whatsoever between P.E.G. Limited, G.A.P. Limited and the newly incorporated companies in the United Kingdom. Any claims to the contrary are false.

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 Notices issued on 16 July 2002 and 5 September 2002.

Any persons with any concerns about these entities should contact the Enforcement Division on +44 1624 689312 or by email to fsc@gov.im.