The chairman overseeing the winding up of the Arch cru fund range has begun legal proceedings against Arch Financial to reclaim multi-million pound losses to the cells he alleges were caused by the manager's "negligence and wrong doing".
Hugh Aldous, chairman of the SPL Private Finance fund, one of the renamed Arch cru cells, said the particulars of claim against Arch are now "well advanced". "The quantum of that claim is going to be a considerable number of millions and arises from losses to the cells caused by the negligence and wrong doing of those servicing them", Aldous said in a statement in the SPL Private Finance accounts for the year ended 31 March. Investigations by the board have discovered what it considers to be "negligence, lack of diligence, the use of unsuitable counterparties and the making of improp...
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