Capita opts against adding to £30m Arch cru provision
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Capita has decided against adding to the £30m provision for potential losses arising from the Arch cru debacle.
In its half-year results published this morning, the firm says it continues to work with professional investors and the regulators to resolve the matter. It says work to determine whether investors have suffered detriment and whether any parties should be responsible for compensating them is ongoing.
As part of its full-year results statement published in March, Capita announced that it had set aside £30m for potential losses following the suspension of Arch cru’s two open-ended investment companies in March 2009.
The £30m is for losses already incurred and expected to be incurred after the underlying assets in the Oeics plunged in value.
Last December, Capita published estimates for the net asset values of the underlying cells, which showed a loss of £140m between March 13, 2009, when the range was suspended, and September 30, 2009.
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