BusinessBusiness RecoveryPwC accused of conflict issues in Keydata administration

PwC accused of conflict issues in Keydata administration

The founder of Keydata Stewart Ford has accused administrators Dan Schwarzmann and Mark Batten from PwC of conflict of interest

PwC is conflicted as administrator to collapsed investment business Keydata
Services, according to the company’s founder Stewart Ford.

Ford believes the firm is conflicted because it also acts as auditor for SLS
Capital and Lifemark, two companies which are reportedly debtors to Keydata.

In an open letter to the Big Four firm, titled “PwC’s Seven Deadly Sins,”
Ford calls on joint administrators Dan Schwarzmann and Mark Batten to publish a
substantive response to his accusations.

Keydata collapsed earlier this year after the FSA applied to the courts for
an administration order.

A PwC spokeswoman said: “The Serious Fraud Office is investigating certain
activities of Keydata as well as the control and ownership of Lifemark. Keydata
and Mr Ford are also under investigation by the FSA and the FSCS has been
investigating whether Keydata has a liability to investors for their losses
which would entitle them to compensation.

“We do not wish to say anything which could prejudice these investigations
and Mr Ford would be aware of this.”

PwC
administrators appointed to Keydata Investment Services

PwC
spots more non-compliant Keydata products

PwC
handling multiple bids for Keydata

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