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Scoop: Ingenie Canada to Wind Down Operations - oh dear another Quindell fraud write-off for Watchstone

By Tom Winnifrith | Thursday 21 July 2016

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Oh dear, oh dear, oh dear., if my father had not drunk it all, it would be another ouzo moment for the Sheriff of AIM with news that Ingenie Canada is no more. We have been warning for ages that the Toronto based frauds of Rob Terry were falling apart but Watchstone Group (WTG), the rebranded Quindell has been in denial. There you go.

And so on Monday of this week it was announced over in Canada that Ingenie was winding down. In a statement made to brokers the company said it was "writing to let you know that as part of its strategic capability review, our parent company, Watchstone Group plc, is refocusing its offering to a white label B2B telematics proposition based on ingenie’s core technology, proposition and processes. Unfortunately, as a result of this change in strategy internationally, Watchstone has made the difficult decision to wind down ingenie Canada.“

Ontario brokers who had ingenie policies in force were provided with further details about how these changes would impact their clients. All ingenie customers will be encouraged to contact their referring broker to be remarketed upon renewal.

I guess that will be yet another writedown for Watchstone to fess up to. Gradually the goodwill on its balance sheet is disappearing as it is forced to admit that the frauds set up by Rob Terry are just worthless. Slowly it is being forced to 'fess up to the ghastly truth

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