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Misys pulls out of takeover after fact-find fiasco

Misys has pulled out of takeover talks with M&E Network owners Greatminster group after subsidiary network Interdependence admitted botching an undisclosed number of pension review cases.


The Hampshire-based 120 member network which was bought by Tenet, a subsidiary of M&E Network owner Greatminster Group in January last year, admits it failed to keep accurate records of fact finds and reason why letters in a number of Phase 1 cases.


Interdependence was fined £175,000 with £47,000 costs by the PIA in November 1998 over the review. It is not known if the errors which have come to light were included in the PIA action.


Interdependence is now contacting Ifact, the independent consultancy which conducted the review to search for more information to supplement the existing files.


Insiders say the problem is so severe it has panicked software giant Misys into bailing out of due diligence talks to buy the networks in what would have been a £25m deal.


Tenet chief executive Simon Hudson says: “We are not totally comfortable with all the information that has been recorded in some cases.


“It is not a massive number of cases and we do not think we have any great problem as it has been clearly identified. We are confident it can be cleared up quite easily.”


The regulator was unable to comment.


* The law firm Armstrong Neal which represents dissident M&E network members says it has been given power of attorney by 60 network members. The firms are threatening to leave M&E if they are not allowed to independently examine M&E&#39s PI and training and compliance costs following a fee hike.

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