Lawyers and trustees acting to retrieve £52m removed from nine pension funds during the GP Noble fraud have got back 85% of the missing cash.
Independent trustee services (ITS) and law firm Taylor Wessing said the four year-long investigation had unravelled complex international dealings.
ITS was appointed by The Pensions Regulator (TPR) in July 2008 to investigate, and it instructed Taylor Wessing to assist. A civil trial took place in May 2010 at which ITS successfully obtained judgements against 23 defendants.
Assets of the pension schemes were traced through a number of jurisdictions including Switzerland, Australia, Thailand, Canada, Gibraltar, BVI and Nevis.
Chris Martin, managing director of ITS said: "We are delighted to have reached this figure which represents a significant step towards concluding the four year long process of restoring the assets of these schemes.
"While the members have continued to receive their benefits from FAS or the PPF, it is clearly important to those bodies and to the wider pensions industry that ITS has made these recoveries."
Taylor Wessing partner David de Ferrars added: "A global team has worked together on making recoveries for the pensions schemes over the past four years. While international asset tracing poses many challenges owing to the numerous jurisdictions and hurdles, we have successfully managed to overcome these."
GP Noble director Graham Pitcher was convicted of fraud and sentenced to eight years in jail.
Founder of The Money Portal Tony Morris and an associate Peter Malmstrom were cleared of fraud after a lengthy trial at Southwark Crown Court earlier this year.
ITS also said it had settled further claims in the litigation.
The proceedings issued in the High Court by ITS against Gibraltar-based law firm Hassans and Australian financial consultants Pitt Capital Partners have been settled with no admission as to liability and on confidential terms which are mutually acceptable to the parties.
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