In recent days, events surrounding Vaduz-based TGI AG have taken a dramatic turn.<\/p>\n\n\n\n
Most recently, TGI AG attracted media attention following various interventions by the Liechtenstein Financial Market Authority (FMA). As reported in our previous newsletter, the FMA, by order dated 26 May 2026, prohibited TGI AG from marketing and publicly offering various products and ordered a reversal of the products within four months.<\/p>\n\n\n\n
Immediately following the FMA\u2019s order of 26 June 2026, TGI AG offered investors a novation of all existing contracts. In doing so, TGI AG apparently sought to prevent the reversal of transactions as ordered by the FMA. In this regard, it is questionable whether such a novation is permissible at all, given that it conflicts with the FMA\u2019s order. Furthermore, it is questionable whether the new product offered as part of the novation does not itself constitute a financial product requiring approval by the FMA. Finally the actions of TGI AG reinforce the suspicion that it is unable to carry out the reversal as ordered by the FMA.<\/p>\n\n\n\n
Shortly after the FMA\u2019s order, however, the next bombshell hit TGI AG. On 2 June 2026, a house search was carried out at TGI AG\u2019s headquarters in Vaduz, during which extensive evidence relating to the business operations of TGI AG was seized and secured.<\/p>\n\n\n\n
The basis for this drastic measure is a comprehensive criminal investigation into TGI AG \u2013 as well as, amongst others, the managing directors of TGI AG, which includes Mr Helmut Kaltenegger and Mark Bogen \u2013 which the Liechtenstein Public Prosecutor\u2019s Office has been conducting since 2025.<\/p>\n\n\n\n
According to information from the Public Prosecutor Office, investigations are being conducted on suspicion of serious commercial fraud pursuant to Sections 146, 147(3), 148, 2 (case) of the StGB, money laundering under Section 165(1), (2) and (4) of the StGB, and the commercial provision of banking services without authorisation under Article 245(1)(a) of the BankG.<\/p>\n\n\n\n
Due to the international nature of TGI AG\u2019s business operations, various requests for mutual legal assistance have also been sent to different jurisdictions.<\/p>\n\n\n\n
Note: The presumption of innocence applies without restriction to all accused persons and the company until a final conviction is handed down. TGI AG has rejected the allegations.<\/em><\/p>\n\n\n\n In light of recent events, there is an urgent need for investors to take action. The four-month deadline set by the FMA is already running, and the admissibility and validity of the novation offered by TGI AG must be scrutinised. Particularly in view of the criminal investigations that have been ongoing since 2025, there is a significant risk of substantial financial loss, potentially amounting to a total loss.<\/p>\n\n\n\n However, the fact that criminal investigations are underway against the managing directors of TGI also opens up further opportunities for investors to assert and secure their claims.<\/p>\n\n\n\n Investors are now urgently advised to do the following:<\/p>\n\n\n\n