Krono Partners administration report: £4 million of investors’ money depends mostly on a “Company X” in the Cayman Islands

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Last month the administrators of Krono Partners, top-10 accountancy firm Smith & Williamson, published their initial report into the company.

Smith & Williamson was appointed after Krono Partners stopped paying interest on its bonds in March 2018. This was apparently due to bank accounts operated by Jade State Wealth, a subsidiary of Krono’s escrow partner Accounting Worx Limited, being frozen.

Why Krono Partners has been unable to find another payment administrator, if this was the only thing preventing it from making payments, and has had to undertake the dramatic (and expensive) step of going into administration, is not addressed by the administrators.

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