The chief executive of Keydata, the collapsed specialist investment firm, made personal loans worth several million dollars to the man behind the investment vehicles that Keydata is blaming for a £103m shortfall in client funds.

Court documents show that Stewart Ford lent $3.25m to David Elias, who managed funds that Keydata sold on to its clients. The loan, made in October last year, was supplemented by a further $1m in December, as well as a bond expressed to be worth $2.1m, according to the May summary judgment of a High Court case brought by Mr Ford against Mr Elias.