Ford: Keydata Was Trying to Resolve Tax Issues
The Life Settlements Report
By: Dealflow Media
Keydata Investment Services founder Stewart Ford said the company was in the process of resolving tax liabilities with U.K. tax officials when the Financial Services Authority placed it under administration last June.
The FSA’s public statements that Keydata was insolvent because of a £5 million ($7.5 million) tax bill for investment products that were not eligible for tax-free status were “demonstrably wrong and misleading,” according to a statement released on Ford’s behalf Tuesday.
Commentary by Michael Abraham:
It is easy to assume that Ford’s comments are self serving and dishonest but that would assume that the regulators got it right. They have yet to prove this but unfortunately Ford and KeyData have been tried and found guilty by the media. Yet again a business and an individual could be ruined on the flimsiest of pretexts. The concept of innocent until proven guilty is unfortunately long gone.
Published on 06 Jul 2010 at 05:29 am
