Wait for Knight Williams investors
Tuesday 08 August 1995
Even then, they may find themselves in a queue behind other creditors, such as the Inland Revenue and the 250 staff being made redundant from KW following the weekend announcement that the company was going into voluntarily liquidation. Director Robin Knight Bruce yesterday refused to comment on when a liquidator would be appointed but as KW voluntarily declared itself in liquidation, the Investors Compensation Scheme is powerless to act until a liquidator proves that losses cannot be met.
The move follows the sale of KW's investment funds to Singer & Friedlander in April for pounds 17m, but under the terms of the deal KW remains responsible for any liabilities to investors.
The Securities and Investment Board has already received more than 400 complaints alleging that KB, as an independent financial adviser, had given bad or misleading advice.
Allegations of "churning", where investors were persuaded to move funds into KW managed funds, re-generating commission fees, have also been made.
The SIB stepped in when arbitration between KW and investors generated yet more complaints but not one investor who complained to the SIB has yet received a penny in compensation.
A spokesman for the SIB said a decision was made to investigate all complaints before compensation was awarded to the complainants in order to ensure a "fair and equitable" distribution of any money.
Investors who have already had their complaints against the company settled by arbitration will not be able to seek more compensation through the ICS as arbitration awards are legally binding.
- 1 Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
- 2 Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 The secret report that helps Israel hide facts
- 5 Israel's propaganda machine is finally starting to misfire
Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
- < Previous
- Next >
iJobs Money & Business
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...