May 23, 2018 / 4:30 PM / a year ago

PwC cuts administration costs for insolvent UK broker Beaufort

LONDON, May 23 (Reuters) - PwC, administrator for collapsed British broker Beaufort Securities, said on Wednesday it had revised its estimate for the administration costs to 55 million pounds ($73.41 million) over two years from 100 million pounds over four years.

Beaufort was declared insolvent in March after the U.S. Department of Justice named it as one of 10 defendants charged over its alleged role in a more than $50 million stock fraud and a laundering scheme involving a work by Pablo Picasso.

Creditors of Beaufort, including several mining firms, had said they could not see any justification for PwC’s earlier cost estimate. ($1 = 0.7492 pounds) (Reporting by Carolyn Cohn and Barbara Lewis)

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