The accusation came from millionaire businessman Stewart Ford, founder of Keydata Investment Services, who has threatened to sue KPMG over how it dealt with the administration of Lifemark – a company where investors were deemed to be creditors.
Ford said he had organised a £100m loan which would have provided much-needed liquidity to the fund and sent an open letter to the Financial Services Authority calling for an investigation.
However, KPMG hit back today saying that the administrator – Eric Collard – acted with the interests of the numerous stakeholders in mind.
In its statement reacting to the Stewart Ford’s public letter, the audit firm said: “All allegations of late responses or willingness to block the process are wrong and strongly contested by the provisional administrator.
“Bondholders will have the possibility to express their vote on the current funding proposals [at a later date].”
Lifemark was originally set up to generate returns by allowing Britons to invest in bonds in the ill-fated Keydata Investment Services which collapsed in 2009.
PricewaterhouseCoopers were appointed as administrators for Keydata Investment Services in 2009 with Dan Schwarzmann and Mark Batten leading the case.