The former chief executive of collapsed credit card processing company E-Clear has been linked to a Cypriot firm trying to buy back parts of the firm.

Quoting a “source” close to the admininstration, The Independent reported that Elias Elia is associated with an unamed firm that has paid £325,000 to BDO which is handling the administration of E-Clear.

The credit card firm was forced out of business in January after PricewaterhouseCoopers took action in the High Court as it bid to recover £35 million E-Clear was said to owe Scottish operator Globespan when it went out of business at the end of last year.

It was reported that the sum paid to BDO was being held by lawyers Field Fisher Waterhouse and that it was “an initial down payment” ahead of a full buy-out of German bank NordFinanz, which E-clear owned.

Elias was also said to be bidding to buy the computer system used by E-Clear. As reported last week, the Serious Fraud Office has started an official investigation into the collapse of E-Clear.

As BDO continues its work as administrator major creditors including Globespan and Canadian operator Sunwing are understood to be incurring fees.

However, it remains unclear how much money BDO will be able to recoup out of the assets of E-Clear. Sunwing is understood to also be pursuing Paygo, a credit card payment firm half owned by Deutsche Bank, for around £40 million it claimed it was owed.