The restructure of the suspended EEA Life Settlements fund has been delayed until the regulator receives the company's delayed audited accounts for 2012.
Last month, 65% of investors in the company voted for a restructure that could see the value of their investments reduced by up to 10%. But the Guernsey Financial Services Commission, which regulates the fund, has now said the restructure and reopening of the fund will not be able to take place until EEA provides audited accounts for 2012. Those accounts have been delayed owing to a disagreement between the firm and former auditor Ernst & Young. In July, E&Y released a damning report saying it "was not able to obtain sufficient appropriate audit evidence to provide a basis for an a...
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