High Court formally orders winding up order for ETIC solutions

The High Court has made an order formally winding up ETIC Solutions, a Co Donegal-based company under investigation for alleged fraud on both sides of the Border.

The order was made yesterday by Ms Justice Mary Laffoy, who agreed to appoint Declan McDonald, of Price WaterhouseCooper, and Paul Rooney, PWC Belfast, as joint liquidators to ETIC.

The High Court was previously told ETIC, a business and management consultancy with a registered address at Ballybofey, “operated in a fraudulent manner akin to a ponzi scheme”.

The firm ceased trading late last year and hundreds of investors claim they have incurred significant losses due to investing money in the company.

ETIC’s directors and beneficial owners are François DeDietrich, who ran several businesses in Co Donegal, and his wife Severine.

Police on both sides of the Border are investigating the firm and the authorities in Northern Ireland have issued an arrest warrant for Mr DeDietrich.