Thank you Marcom
From memory only I believe that a substantial sum of the 200 million RBOS loan was invested in this group- perhaps 50 million). Would have to get out the old hard drive to be exactly certain of the sum. This overturned all existing protocols and risk profiles for the investment criteria in the PIF PDS.
Analogous to a specialist surgeon subcontracting his operation out to our well known 'Dr Death'. The question is why on earth would any competent investment manager take this action? In the event the company was basically insolvent in February 2008 and probably in a dire financial state at the time the PIF loan was made.
Here is a small extract from the liquidators report(below)on Resolute type of investment methodology( from the link you quoted):
Allsurity Group was a personal loan business which provided secured and/or unsecured loans based on secondary assets to consumers.
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Adelaide Bank provided a senior debt facility and Seiza provided mezzanine funding through a warehouse facility called Adelaide Allsurity Trust.
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The director/management of Allsurity, which was independent of Seiza, sought to grow the loan book through bypassing all existing controls regarding credit procedures. As a result, the loan portfolio’s performance deteriorated significantly. Allsurity became insolvent and was placed into Administration.
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octaviar limited
Thank you MarcomFrom memory only I believe that a substantial...
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