Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a707414
Former Arch Cru director hit with £650k claim on property
by Jun Merrett on Oct 07, 2013 at 10:44
The board of the cells that make up the Arch Cru funds is attempting to secure a further £650,000 for investors by submitting a legal claim for a Guernsey property belonging to ex-director Peter Radford.
Radford who, alongside Robert Addison and Neal Meader, was a director of the cells which made up the Arch Cru funds and owner of Bordeaux Services, the cells' former administrators.
In September the current board of the cells, SPL Guernsey, which is winding down the funds in an effort to secure money for investors, applied for a 'Livre Des Hypotheques' against Radford’s £650,000 property.
In July 2012 SPL Guernsey launched a £160 million legal battle against Radford, Addison, Meader and Bordeaux Services, claiming that they failed to understand, monitor and oversee investments made by former managers Arch Financial Products.
The claim for Radford’s property has been attached to the existing legal case.
It is understood that Radford is the only defendant who faces a claim over his property because he is the only one who has property in Guernsey and the claim has been made under Guernsey law.
The cells’ original claim against Radford and his colleagues alleges the board did not properly consider the 'appropriateness' of the cells investing in Cru Investment Management which marketed the funds, and that Bordeaux doubled its valuations of the shares without 'appropriate scepticism' and 'regard to... the conflicted position of Arch.'
Radford could not be reached for comment at the time of going to press.
News sponsored by: