Administrators question Crown Currency Exchange accounts

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.

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