Keydata plot thickens as PwC discovers a 103m black hole

ADMINISTRATORS of failed structured product firm Keydata have unearthed a &pound;103m black hole in its assets, as it emerged two mysterious groups it was trading with have vanished along with customers&rsquo; money.<br /><br />PricewaterhouseCoopers (PwC) has involved the Serious Fraud Office as it believes the funds may have been &ldquo;misappropriated&rdquo;.<br /><br />PwC is trying to ascertain why for some time Keydata has been paying income on 5,740 clients&rsquo; products itself, rather than taking it from the<br /><br />Luxembourg-domiciled vehicle SLS Capital and a similar group called Hometrack.<br /><br />They were holding on to the client assets and should have been providing Keydata with incomes, but are now nowhere to be found. <br /><br />PwC is grilling Keydata&rsquo;s former bosses but is still not sure why the group was paying the incomes itself.<br /><br />In all, around 42,580 investors&nbsp; with assets worth &pound;645m now have missing assets or tax confusion, and PwC has halted income payments and redemptions for many of them.<br /><br />Keydata was founded in 1997 by Stewart Ford, who is now a Geneva resident but is still thought to be the group&rsquo;s majority owner.