Keydata: David Elias may not be dead, says SFO

The Serious Fraud Office (SFO) voiced doubts whether David Elias, who has been linked to the disappearance of £103 million from Keydata investors, died in May 2009, according to The Times.

SFO investigators harbour ‘serious doubts’ that Elias (pictured) had died in Singapore in May 2009 fuelling rumours that the controversial businessman may have faked his own death. Keydata administrator PricewaterhouseCoopers discovered in June 2009 that £103 million of client money, invested into traded life settlement policies held by SLS Capital, a Luxembourg company controlled by Elias, had gone missing.

The SFO said the main focus of its investigation was tracing the missing assets after it dropped probes into Keydata and SLS Capital due to a lack of evidence.

‘David Elias demise was timely but I don’t know whether we have definite answer if he is alive or dead,’ said a spokesman for the SFO. ‘[Tracing assets] that is what we are trying to do whether David Elias is running a bar with Lord Lucan in South Africa but I don’t know.'

Elias had a controversial career focussed on loyalty cards and publishing but left the UK following the collapse of his business Richbell. Elias had been living in Malaysian tax haven Labuan financing an electronic paper, yacht rental and carbon credit businesses before his reported death.