Will this type of thing make its way to our shores?
Makes the PBGC look like a walk in the park.
LONDON/SOFIA (Reuters) - British company United Capital, which agreed last month to buy most of Bulgaria's biggest private pension fund Doverie, has no stock market listing, no website and no phone number.
Its registered office is a terraced house in the town of Grays in Essex, occupied by Tanja Pazarcik, who works for Insolution Service, an agency that helps people set up companies. It uses the address for a number of its clients. Pazarcik says she forwards United's mail to an address in Austria but otherwise knows little about the firm.
United Capital's accounts filed in late October showed the company had 14 pounds in cash and is dormant. The transaction price for Doverie has not been revealed. In a July 15 statement the seller, Vienna Insurance Group AG, said only it had agreed to sell its 92.58 percent of Pension Insurance Company Doverie to United Capital PLC.
Such gaps have raised questions in Bulgaria about United Capital's intentions for Doverie, which with almost 1.8 billion levs ($1.2 billion) under management and more than 1.25 million contributors is an important pension provider in Europe's poorest country.