Arch boss Farrell denies SPL allegations of 'secret profits'

SPL Guernsey, the manager of the cell companies that make up the now suspended funds, had claimed Farrell used the cells' money to make "secret profits" of £3.6m from a total £26m investment in a property company called Lonscale. It lodged a £20.6 claim for combined losses incurred by six of the funds' cells, while a further £6m claim had also been made for losses from disputed payments made by cells to Arch and a third party involved in the deal. However, his defence, lodged today said: "The allegations made against Mr Farrell personally in the present proceedings are without foundat...