Deloitte has released its insolvency report into what exactly went wrong at Powa Technologies, the London payment company that blew up spectacularly in February after blowing through hundreds of millions in investor money.
The company autopsy reveals Powas ultimate controlling company raised £143.94 million ($203.7 million) in debt and equity funding from 2013 onwards, as the company was valued on paper at $2.7 billion. But only the most senior secured debtors are likely to ever see any money returned. Even those will get only a fraction of what they lent back. Equity investors will get nothing.
Here are the key points and new revelations from Deloittes report:
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Powas main trading company lost £16.6 millio…
Read the full article at: http://uk.businessinsider.com/summary-of-deloittes-insolvency-report-on-powa-technologies-2016-4