Keydata SLS/Lifemark plan redemptions may face indefinite suspension
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Redemptions in these products have been suspended since the appointment of PwC on June 8.
Around £103m of underlying assets invested by Keydata with SLS are still missing. Keydata products invested with Lifemark (S.A.) total £349m.
PwC has received confirmation of the existence of the underlying assets supporting these products but identified that early redemptions of these products have been dealt with in an irregular fashion.
PwC says that prior to its appointment redemptions of some products invested in SLS or in Lifemark were not effected during May despite correspondence being sent out by Keydata advising of forthcoming May redemption dates.
It says unless investors who requested redemptions have already received their payment and the payment has cleared their bank, there are no redemptions being processed on any SLS or Lifemark products.
It says: “Investors should be aware that it is possible that redemptions on these products may remain suspended indefinitely. Events prior to the administrators’ appointment continue to be investigated.”
