"The company has been trading as 123 Financial Services. It has over 700 clients, all based in Ireland, and believed to be mainly local people. An initial analysis suggests 45 clients are affected by the feared misappropriation and at least €3.7m is unaccounted for. One client has told the Central Bank his planned investment of €333,000 was never made. The company had been owned by Bernard Kinahan, of Elm Close, Barrybeg, Roscommon Road, Athlone, who died last August."
"The Central Bank said it became aware of a number of "unusual" aspects in relation to the business that were of concern following his death. It told the High Court that a forensic accountant's review had identified serious financial irregularities. Some clients were misled into believing they had investments held with certain funds, when in fact they were paid to accounts associated with the company and Bernard Kinahan."
The Central Bank of Ireland applied to the High Court to appoint provisional liquidators to Strand Investments & Finance Ltd, which traded as 123 Financial Services, after concerns arose following the death of owner Bernard Kinahan. The company had over 700 Irish clients, mainly local, and an initial analysis suggests 45 clients were affected with at least €3.7m unaccounted. A forensic accountant identified serious irregularities, including funds paid to company-associated accounts, falsified investment certificates and statements, and inadequate or altered business and banking records. The High Court appointed joint provisional liquidators and ordered notification to the Insurance Compensation Fund and the Garda National Economic Crime Bureau.
Read at Irish Independent
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