Creditors to collapsed British investment firm Keydata Investment Services have formed a committee to advise on the administration process, administrator PricewaterhouseCoopers (PwC) said on Tuesday.
The five-member committee includes the British government's tax collecting arm, as well as investment bank Credit Suisse (CSGN.VX), the founder of Keydata Victims Support Group Peter Magowan and two independent financial advisers.
Keydata, which specialised in designing structured investment products, was declared insolvent in June and placed into administration by the Financial Services Authority. [ID:nL81009050]
PwC said on June 30 client assets worth 103 million pounds ($170 million) that had been invested in Keydata's SLS Capital arm may have been misappropriated. [ID:nLU873126]
The SLS issue is a difficult situation that will take some time to resolve and I look forward to meeting with the creditor committee to discuss matters with them, Dan Schwarzmann, PwC partner and Keydata's joint administrator, said on Tuesday.
A creditor committee meeting is expected to take place in September, Schwarzmann added. (Reporting by Tom Freke; Editing by David Holmes) ($1=.6059 Pound)