Keydata founder Stewart Ford has had his bid to stop the sale of some of Lifemark's assets rejected in a preliminary order by a Luxembourg court, but has said he plans to appeal the ruling.
The case relates to a portfolio of 28 secondhand US life polices bought by Lifemark in 2009 with a $17.2m loan from Billericay Trading Ltd, a company owned by Ford's family. Ford (pictured) denied he wanted to derail a rescue of the troubled Lifemark fund by preventing the necessary sale of some polices to improve its liquidity. He said is concerned policies are being firesold under market value to SEB bank, a senior creditor of Lifemark, or its friends, and then re-sold by the bank on the open market for a profit. "I am concerned there is some fire-selling happening to SEB or its ...
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