Krono Partners update: nothing to update

The administrators of Krono Partners, Smith & Williamson, have filed their latest six-monthly update.

The preceding twelve months brought the revelation that a significant Krono player, Ulrik Debo, had been charged with securities fraud in the USA.

Criminal proceedings by the Securities and Exchange Commission are ongoing.

There is however no update on returns from the “Company Y” loan platform, on which the administrators are pinning their hopes of recoveries.

The director has indicated that any return from this asset is currently remote.

Nor is there any update on the ragbag of other assets held by Krono.

There are no further developments to report on the following assets: Unlisted shares; Other debtors; Bank accounts; Krono Administration Limited; Listed shares; Micro loans; Intellectual property

A breakdown of timecosts shows that in the last six months, a total of 18 human-hours has been spent by Smith and Williamson on the Krono administration, of which the largest item, taking 8 hours, was compiling the six-monthly report.

Fielding investor enquiries accounted for another 3. Compliance and “general review” took up the bulk of the remaining 7.

This backs up the impression that the administrator’s plan is to grab a deckchair and a) wait for the outcome of the US case against Debo (although how it directly affects Krono Partners is as yet unclear, as Krono was not mentioned in the SEC case) and b) continue waiting for “Company Y” to generate some returns.

The administrators of Krono Partners, Smith & Williamson, have filed their latest six-monthly update.

The preceding twelve months brought the revelation that a significant Krono player, Ulrik Debo, had been charged with securities fraud in the USA.

Criminal proceedings by the Securities and Exchange Commission are ongoing.

There is however no update on returns from the “Company Y” loan platform, on which the administrators are pinning their hopes of recoveries.

The director has indicated that any return from this asset is currently remote.

Nor is there any update on the ragbag of other assets held by Krono.

There are no further developments to report on the following assets: Unlisted shares; Other debtors; Bank accounts; Krono Administration Limited; Listed shares; Micro loans; Intellectual property

A breakdown of timecosts shows that in the last six months, a total of 18 human-hours has been spent by Smith and Williamson on the Krono administration, of which the largest item, taking 8 hours, was compiling the six-monthly report.

Fielding investor enquiries accounted for another 3. Compliance and “general review” took up the bulk of the remaining 7.

This backs up the impression that the administrator’s plan is to grab a deckchair and a) wait for the outcome of the US case against Debo (although how it directly affects Krono Partners is as yet unclear, as Krono was not mentioned in the SEC case) and b) continue waiting for “Company Y” to generate some returns.

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