Failed e-commerce software company Izodia admitted yesterday that it didnot know the “exact whereabouts” of its sole asset, £33m in cash.
The group, formerly known as Infobank, confirmed that most of its funds had been transferred to an associate of Jersey-based investment company Orb, also its largest shareholder.
Orb denies any wrongdoing. Meanwhile, it is expected that Orb will this week send a £45m claim to Thistle Hotels following a dispute over the valuation of hotels it bought from the London-listed group in March.
Orb indicated this week that it remained interested in making an offer for Thistle.
Financial Times 11/01/03 page 12, Daily Telegraph 11/01/03 page 31
