SFO and FAS looking into 'missing' Keydata assets

01 July 2009 In Accountancy

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SFO and FAS looking into 'missing' Keydata assets The Serious Fraud Office and the Financial Services Authority are holding discussions about "potentially missing assets" at Keydata Investment Services.

Keydata entered administration on June 8th and PricewaterhouseCoopers (PwC) was hoping to sell the company as a whole.

However, potential problems with a range of the firm's products mean that PwC has now had to abandon this plan.

Dan Schwarzmann, joint administrator and partner at PwC, said: "We understand how worrying this new information must be for investors but would like to reassure all of them that we very much have their interests at the forefront of our minds as we seek to understand fully all the issues."

As a result of the situation Keydata's Secured Income Bond 1,2,3 and its Income Property Bond 1-6 have had interest payments suspended and they can no longer be redeemed.

A number of other products have also had redemptions put on hold, although investors will still receive an income.

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