No trust at Tempo

Travel Daily - - News -

CLAIMS by the man­age­ment of the failed Tempo Hol­i­days that a trust ac­count had been es­tab­lished to pro­tect client funds ( TD 23 Aug) were yes­ter­day de­bunked by the com­pany’s ad­min­is­tra­tor, Lau­rence Fitzger­ald of Wil­liam Buck.

Speak­ing at the Tempo/ Ben­tours cred­i­tors’ meet­ing, Fitzger­ald said the bank ac­count which had pur­port­edly been es­tab­lished at AFTA’s be­hest was in fact just an ex­ist­ing com­mer­cial ac­count al­ready in place.

“It’s my un­der­stand­ing that as part of the AFTA process Tempo was asked to set up a trust ac­count, so they in­structed the bank to just add the word ‘trust’ to the ac­count name,” he told the shocked cred­i­tors’ meet­ing.

The ac­count had about $1.4 mil­lion in it when the com­pany was placed into ad­min­is­tra­tion.

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