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SFO probes possible related-party breaches at Capital+Merchant

Receivers for failed finance company Capital + Merchant Finance have referred documents to the Serious Fraud Office for investigation into transactions that appear to have benefitted "certain related parties."  

Thursday, March 18th 2010, 9:19PM 1 Comment

The SFO was investigating "the use of Capital + Merchant funds in contrived structures and with questionable supporting documentation," chief executive Adam Feeley said.  Capital + Merchant failed in 2007, owing $165 million to more than 7,000 investors. 

"The investigation is in its early stages," Feeley said. "The immediate focus of our work is to gather, analyse and evaluate all the relevant documentation around these transactions, and form a view as quickly as reasonably possible as to the merits of these matters."  

"We have received excellent cooperation from (the receivers) Grant Thornton, and from other parties including the second receivers Korda Mentha," he said. "We will liaise further with them, and continue to collaborate with other regulatory agencies as appropriate."

« MARAC accepted into extended guarantee schemeCriminal charges laid against Capital+Merchant directors »

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Comments from our readers

On 19 March 2010 at 2:03 pm Aileen Cutting Gardner said:
disgussed to think that my money has gone to someone elses pocket I am 66 years old and that we some retirement money I received from Mum. The worst factor of this I had to paid tax on the interest earned and not received.
About time the government made these people accountable if I was the theft I would get jail.
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