Tuesday, Jun 30, 2009
Another example of the endemic dishonesty within the financial services industry
Guardian: Serious Fraud Office to Keydata
The Serious Fraud Office is to investigate the collapsed investment company Keydata Investment Services after administrators PricewaterhouseCoopers discovered a £107m black hole in its books.
KIS, which specialised in "innovative" high-income products, went into administration three weeks ago. The cause of its collapse was initially believed to be a tax bill of £5m, but the administrators are now looking for missing investments worth at least £107m.
The Financial Services Authority, the City regulator, says it is "in discussions with the Serious Fraud Office about the potentially missing assets underlying some of these products".
Posted by imminent_plunge @ 11:22 PM (275 views) Add Comment
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