The first repercussions resulting from this fraud investigation are beginning to emerge.
Nick Grainger, managing director of Finance Credit Limited, the UK subsidiary, today issued the following statement:
“In light of recent events, our Scandinavian bankers have become the effective shareholders of Finance Credit Group AS, the parent company of Finance Credit Limited.
Following a review of all Group activities it has been decided to close the UK business as soon as is practicable. In any event, Finance Credit Limited is scheduled to cease trading by the end of March 2003.
An agreement has been reached whereby the Scandinavian bankers will continue to support Finance Credit Limited whilst the UK management implements an orderly winding down of the business and a realisation of its assets.
