Guernsey Press

Widow could lose £150k after Providence collapse

A WIDOW, who with her late husband invested £150,000 in the collapsed investment business of Providence Investment, is among many who have virtually given up hope of getting their savings back.


It was just one of the sad stories that emerged yesterday, following a meeting for investors organised by the administrators Deloitte, with tales of some losing their whole life savings or even their home as a result.

For Sylvia Fossey, 76, the collapse of the investment business and the prospect of the significant financial losses had come during a particularly tough period, with the recent death of her husband and other people she knew dearly.

She said she had now pretty much given up on the money.

'Everyone was putting money into a dead horse, which we didn't know at the time,' she said.

Mrs Fossey said she and her husband both originally put in £30,000 each, when they made their first investment last year.

With a really good return, and everything seeming fine, they were convinced enough to put in another £20,000 each.

This was finally followed by another £50,000 jointly, bringing their total investment to £150,000 altogether.

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