E-Clear inquiry needs more cash
Sunday 21 March 2010
Administrators to E-Clear, the credit card processing firm that collapsed with debts of more than £80m in January, will present its findings to creditors this week after more than a month trawling through its finances.
The accountancy BDO is likely to say that it needs additional cash to pursue its investigations. It has approached Sunwing, the Canadian travel firm which was owed more than £47m by E-Clear, and PricewaterhouseCoopers, which is administering the collapse of Globespan, which is owed as much as £30m, to put up more cash for continued scrutiny into the firm.
The Serious Fraud Office is believed to be waiting for the administrator's findings this week before it starts an official investigation into E-Clear's collapse. A preliminary report issued by BDO last week revealed that Elias Elia, E-Clear's chief executive, bought a fleet of luxury cars – including a Ferrari and a Rolls-Royce Phantom – using money from the firm's coffers. The report also claimed that investigations had been hampered by the disappearance of E-Clear's computers.
PWC will hold a meeting for Globespan creditors in Edinburgh next week.
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Perez Hilton apologises for Jennifer Lawrence naked photo leak
- 3 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 4 Mexican woman becomes world’s 'oldest person' at 127
- 5 Jennifer Lawrence 'naked sex video' will be leaked threatens 4Chan celebrity photo hacker
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
iJobs Money & Business
£40000 - £50000 per annum + benefits+bonus+package: Harrington Starr: SQL Impl...
£85000 per annum: Harrington Starr: Head of IT (Windows, Server, VMware, SAN, ...
£40000 - £50000 per annum: Harrington Starr: You will not be expected to hav...
£500 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, Data Warehousi...