All 11 of the Arch cru fund cells have been suspended from the Channel Islands stock exchange (CISX) after auditors said they could not find enough evidence of yearly cash flows.
The securities were suspended from their official listing on the CISX with effect from 12 noon yesterday. In a notice, the CISX says the cells have been suspended "on the basis that the Audited Accounts have a Disclaimer of Opinion on the results of operations". Auditors Ernst & Young (E&Y) state in the company accounts for Arch, renamed SPL funds, they were unable to obtain sufficient audit evidence for the comparative figures for the year ended 31 March 2009. They also say they were unable to satisfy themselves on these matters by performing other audit procedures. "Becaus...
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