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.
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