The auditor of the suspended EEA Life Settlements fund has said the portfolio is worth $100m less than the value recorded in the company's financial statements.
The fund was suspended on 30 November 2011 due to "unprecedented" levels of redemption requests after the regulator announced that it would seek to ban the sale and marketing of traded life policy investments to retail investors - which it did this year. EEA has only just published its accounts for the year ending 31 December 2011 - a year late - in which Ernst & Young, the fund's auditor, gives a damning report. The auditor states that it "were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion". Ernst & Young goes on to say that it "d...
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