Lifemark faces a further six months in administration

The South African company, which carried bonds underpinning the Defined Income plans of around 23,000 Keydata customers, will remain in administration until around August the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) has ruled. KPMG, which is administering the troubled company, has been given greater powers to scrutinize and direct its activities. Both moves follow KPMG's latest audit report into Lifemark, said CSSF. However the CSSF stressed the extension does not stop Lifemark effecting its own structural changes: "It is important to understand that this m...