PricewaterhouseCoopers (PwC) has taken legal action against E-Clear to force the firm to disclose whether it has the £35m it withheld from Globespan, according to a report on the BBC.
This morning, PwC issued an update confirming E-Clear had refused its request to place the £35 million it owed Globespan into a joint account.
PwC confirmed to travelweekly.co.uk earlier today a legal challenge was being considered while talks are ongoing with E-Clear.
According to the report E-Clear has confirmed the legal challenge but confirmed it is disputing the amount due.
Joint administrator for Globespan at PwC Ian Oakley-Smith said this morning: “In the period since we were appointed administrators of Globespan, we have repeatedly asked E-Clear to confirm the level of funds they hold that have been received from Globespan customers.”
PwC said it understood why E-Clear might want to hold on to customers’ cash to protect it in the event of a client failing, but considered £35 million in the case of Globespan to be “excessive”.
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