Keydata bond issuer SLS owes more cash
Luxembourg firm, SLS Capital, the group which allegedly owes clients of collapsed group Keydata some £103m, now appears also to owe money to a number of other investment groups.
Missing funds: The search is on
Customers of Danske Bank, Global Holdings, Hansard Global, and Marks Jacobson did not receive quarterly payments in March or June according to a report in the Financial Times.
Altogether, clients of those firms had invested at least £7m in SLS bonds.
It would seem that the assets underlying the bonds issued by SLS Capital, characterised as some 200 life insurance policies alongside some cash, had apparently been missing for at least six months.
An estimated 5,500 UK Keydata investors with money invested in SLS Capital, face fears over their cash. Keydata's chiefs said they only learnt last weekend that the assets appear to have been liquidated.
This week, PricewaterhouseCoopers (PWC), which is acting as administrator for Keydata and auditor of SLS, has found an irregularity: a black hole in the books of Keydata, to the tune of some £103m. As a result, the Serious Fraud Office is planning to investigate the business dealings of the group.
According to documents seen by the FT, SLS, which is a private company, is no longer domiciled at its registered address.
The bonds were issued by the firm five years ago but it has only ever filed one set of financial accounts, for the year 2005, submitted to regulators in late 2007. It has not submitted any further filings since May last year.
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