Administrators launch fraud probe into GTE
Smith & Williamson has launched fraud probe into collapsed GTE
In a letter to a group of creditors, the administrator revealed it is also
looking into issues of whether there were any ‘transactions at an undervalue’ –
instances where the company sold assets below their real value before going into
liquidation, The Daily Telegraph reports.
To help with its investigations, Smith & Williamson has brought in top
City litigators Kirkland & Ellis and Macfarlanes.
However, Mark Trafeli, general counsel of GTE’s parent company New World
Trader, said Smith & Williamson’s latest update was ‘expected and very
ordinary… as the law requires due consideration of such matters in each and