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Tour company given Globespan cash E-Clear cash used for boss' firm
(about 3 hours later)
The credit card company blamed for the collapse of airline FlyGlobespan was using money it had withheld to prop up another of its boss's companies. The credit card company linked to the collapse of FlyGlobespan by withholding £35m, managed to lend cash to another firm run by the boss of E-Clear.
A BBC investigation has found that about £100m was owed when E-Clear was forced into administration.A BBC investigation has found that about £100m was owed when E-Clear was forced into administration.
BBC Radio 4's Face the Facts programme has found £1.5m of E-Clear money was used to help prop up Allbury Travel.BBC Radio 4's Face the Facts programme has found £1.5m of E-Clear money was used to help prop up Allbury Travel.
The tour operator is owned by the chief executive of E-Clear, Elias Elia. It is now also in administration.The tour operator is owned by the chief executive of E-Clear, Elias Elia. It is now also in administration.
The case has raised questions about why there was no financial regulator watching E-Clear's activities.
Mr Elia has not responded to requests for comment, while E-Clear's administrators continue to investigate where the millions went.
FlyGlobespan was grounded in December, leaving thousands of people stranded and about 600 people out of work.FlyGlobespan was grounded in December, leaving thousands of people stranded and about 600 people out of work.
Its administrators focused on the £35m it was owed by E-Clear, which handled its online credit card transactions and withheld them for months.Its administrators focused on the £35m it was owed by E-Clear, which handled its online credit card transactions and withheld them for months.
When administrators sued, they found that money had disappeared, and others were owed as much as £65m more.When administrators sued, they found that money had disappeared, and others were owed as much as £65m more.
The case has raised questions about why there was no financial regulator watching E-Clear's activities.
Mr Elia has not responded to requests for comment, while E-Clear's administrators continue to investigate where the millions went.
You can hear John Waite with Face the Facts on Thursday at 1230 GMT on Radio 4 or catch it later on BBC iPlayer.