Six companies that
mis-sold green belt land for investment to the public have been
wound-up in the High Court on public interest grounds following an
investigation by Company Investigations (“CI”) of the Insolvency Service
The investigation found that Stowford Place Investments Ltd, ASA
Global Investments Limited, Prinston Estates Limited, Alpha
Capital Investments (London) Limited, Greenacre Global Partners
Limited and Vinci Trading Ltd had all seriously misled the public
as to the development prospects of the plots of land they offered
for investment and had operated with a lack of commercial probity.
The companies are linked to earlier land banking companies
wound-up on grounds of public interest (see note 10 below) and
between them raised nearly £1 million from the public before being
closed down on 26 May 2011 by the Service’s actions (see note 8
below).
Welcoming the Court’s winding up judgment Company Investigations
Supervisor Chris Mayhew said:
“This sends a clear message to unscrupulous directors; their
business will be investigated and where necessary brought before
the Courts.
We work closely with other regulatory agencies such as the
Financial Services Authority and the City of London Police to put
a stop to unscrupulous companies that peddle their near worthless
schemes to the public using high pressure sales tactics, often to
the elderly or vulnerable.
The public should not fall for a slick sales pitch, glossy
marketing brochure, fancy websites and promises of easy money -
not one of the land banking companies that the Service has
investigated and wound up has made a profit for the investor”.
Ends
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Notes to Editors
1. Stowford Place Investments Ltd was incorporated as a private
company on 14 January 2009. The registered office of the company
was at 165-167 The Broadway, Wimbledon, London, SW19 1NE. The
recorded directors of the company are Mr Steven David Lawrence
Tagg (from 14 January 2009) and Mr Oliver Wilson (from 14 January
2009 to 5 March 2010). The company has no secretary. The company
marketed plots on a site at Keston, Bromley. Some 18 plots were
sold for a total of £147,060 representing a mark up of some 1,125
per cent over the £18,000 that the company paid for the site. 2.
ASA Global Investments Limited was incorporated as a private
company on 25 March 2009. The registered office of the company was
at Suite 109-111 Davina House, 137-149 Goswell Road, London, EC1V
7ET. The sole recorded director of the company is Mr Andrew
Leonard William Foy (from 25 March 2009). The company has no
secretary. The company marketed plots of land at similar mark ups
on 3 sites at Halifax, Keston and Theydon Bois. Some 10 plots were
sold at Halifax raising £104,000, 10 plots at Keston raising some
£127,000 and 6 plots at Theydon Bois raising £25,700. It also
marketed farm land in Western Australia. 3. Prinston Estates
Limited was incorporated as a private company on 24 October 2008.
The registered office of the company was at 1 Ropemaker Street,
London, EC2Y 9HT. The sole recorded director of the company is Mr
Ravinder Singh Momi (from 24 October 2008). The company secretary
is Ms Louise Gibson (from 24 October 2008). The company marketed
plots on 3 sites at Halifax, Keston (owned by Mrs Safia Eshpari
and Mr Stefan Mitchell) and Folkestone (owned by Mrs Safia
Eshpari) selling 33 plots in all for a total of £414,600
representing a mark up of 1,296 per cent, 2,250 per cent and 3,372
per cent respectively. 4. Alpha Capital Investments (London)
Limited was incorporated as a private company on 26 August 2009.
The registered office of the company was at City Point, 1
Ropemaker Street, Moorgate, London, EC2Y 9HT. The recorded
directors of the company are Mr Yolynn Chetty (from 26 August 2009
to 8 February 2009) and Miss Manjit Kaur Minhas (from 2 March 2010
to 3 June 2010). The company secretary is Mr Chetty (from 26
August 2009). The company marketed plots at the Keston site
selling 20 plots in all for £208,000, a mark up of 1,900 per cent.
5. Greenacre Global Partners Limited was incorporated as a private
company on 25 August 2009. The registered office of the company
was at Flat 3, Bloomsbury Court, Tupwood Lane, Caterham, Surrey,
CR3 6DA. The recorded directors of the company are Ms Zoe Francis
(from 12 January 2010) and Mr Kane Nathaniel Pushong (from 25
August 2009 to 12 January 2010). The company secretary is Mr
Pushong (from 25 August 2009). It seems the company was abandoned
before achieving any sales. 6. Vinci Trading Ltd (formerly Vinci
Partners Limited) was incorporated as a private company on 9
November 2009. The registered office of the company was at 11
George Street West, Luton, LU1 2BJ. The recorded directors of the
company are Mr Hider Eshpari (from 14 April 2010) and Mr Omar
Eshpari (from 9 November 2009 to 15 April 2010). The company has
no secretary. The company marketed plots at the same sites in
Keston and Folkestone. It also marketed plots at sites in
Brentwood and Grantham which sites are owned by Mrs Safia Eshpari.
7. The petitions to wind up the companies were presented on 19 May
2011 under the provisions of section 124A of the Insolvency Act
1986. The petitions were presented following confidential
enquiries carried out by Company Investigations, part of the
Insolvency Service, under section 447 of the Companies Act 1985,
as amended. 8. On the application of the Secretary of State the
Official Receiver was appointed as provisional liquidator of the
companies on 26 May 2011. 9. In ordering the companies into
liquidation Ms Registrar Barber said: “These companies were all
involved in a land banking business that misled prospective
investors in a marked respect. There are links with Global Land
Group Ltd that entered into voluntary liquidation on 20 January
2010 shortly after the Secretary of State started an investigation
into its affairs and also with a group of companies referred to as
the Pemberton companies that were wound up on grounds of public
interest on 31 March 2010, a provisional liquidator having earlier
been appointed over their affairs. The circumstances surrounding
the Pemberton provisional liquidation bears some comment by way of
backdrop to the present matter. The proceedings were opposed and
undertakings were given to the Court to effectively cease trading.
The undertakings were not complied with as a consequence of which
the Secretary of State successfully renewed his application to the
Court for the appointment of a provisional liquidator. The
individuals behind the Pemberton companies simply shifted their
energies to the companies subject to the petitions before me
having carried on a land banking business in much the same way as
before. They effectively jumped ship after giving undertakings to
the Court to cease trading. I have been taken in detail to the
clear evidence in support of each petition and the serious
mis-statements to investors who were clearly misled. The
allegations are well and truly made out and in the light of the
grounds established against each of the 6 companies it is entirely
appropriate that they be wound up on grounds of public interest
and I do so order.” 10. The Pemberton International Limited group
of companies were earlier wound up on grounds of public interest
on 31 March 2010 – see news release “High Court orders five land
banking companies into liquidation” issued on 2 April 2010. [Four
individuals have since been charged with conspiracy to defraud for
their involvement with these companies, Mr Omar Eshpari, Mr Dean
Straker, Mr Stephan Mitchell and Mr Derail White – see City of
London Police news release “First UK criminal charges for land
banking fraud” issued on 17 June 2011] 11. Company Investigations,
part of the Insolvency Service, carries out confidential enquiries
on behalf of the Secretary of State for Business, Innovation
& Skills (“BIS”). 12. The Insolvency Service administers
the insolvency regime, investigating all compulsory liquidations
and individual insolvencies (bankruptcies) through the Official
Receiver to establish why they became insolvent. The Service also
authorises and regulates the insolvency profession; deals with
disqualification of directors in corporate failures; assesses and
pays statutory entitlement to redundancy payments when an employer
cannot or will not pay employees; provides banking and investment
services for bankruptcy and liquidation estate funds; and advises
ministers and other government departments on insolvency law and
practice. Further information about the work of The Insolvency
Service is available from: http://www.insolvency.gov.uk 13. All
public enquiries concerning the affairs of the company should be
made to: The Official Receiver, Public Interest Unit, Tel No: 020
7637 1110 Email: piu.or@insolvency.gsi.gov.uk 14. Media Enquiries
should be directed to: Ade Daramy, Press Officer on 020 7596 6187
Contacts:
Ade Daramy
Phone: 020 7596 6187
ade.daramy@insolvency.gsi.gov.uk