Administrators question Crown Currency Exchange accounts
2009 accounts of collapsed exchange bureau Crown called into question by joint administrators
ADMINISTRATORS of collapsed Crown Currency Exchange said they believes that the company’s 2009 accounts failed to show a true reflection of its position at the time.
Presenting to a creditors’ meeting, MCR’s Paul Clark and SPW’s Harold Sorsky (pictured) – joint administrators – raised various questions about the collapse of Crown Currency Exchange on 4 October.
Administrators alleged that director Peter Benstead was setting rates for foreign currency exchange, but Crown was losing between 6% and 9% per transaction, reported the Daily Telegraph.
The company had filed documents stating that shareholder Edward James had resigned as a director nine months earlier. The documents were filed days before Crown collapsed, and the administrators questioned whether the documents had been backdated. He had acted as a signatory for the company up until its collapse, they claimed.