Guernsey firm faces £150m. Arch Cru court

TWO Guernsey directors and the business they worked for are being sued for more than £150m. in the latest developments in the Arch Cru affair.

Bordeaux Services (Guernsey) administered the controversial Arch Cru funds, where investors lost millions, from December 2006 until they were suspended in March 2009.

The Royal Court action, launched by SPL Guernsey, the manager of the funds, accuses Bordeaux, its director Peter Radford, former director Neal Meader, and Robert Addison, chief operating officer for the Arch Group, of breaching fiduciary duties in relation to investments made by the Guernsey-registered Arch Cru cells.

SPL is suing in a bid to recoup investors' funds, which has also been the reason for the involvement of UK MPs, who have joined an All-Party Parliamentary Group headed by Alun Cairns MP on behalf of constituent investors.