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Fraudulent companies liquidated after investigation by the Insolvency Service (13 October 2015)

Date: 13/10/2015
Duncan Lewis, Crime Solicitors, Fraudulent companies liquidated after investigation by the Insolvency Service

The Insolvency Service has ordered into liquidation three companies with assets of more than £445 million, which were formed and run with a fraudulent intent.

The three London companies, Genz Holdings Ltd, Gafo Me UK Ltd and Greens LD Ltd included an international airline business.

An investigation by the Insolvency Service revealed, however, that each company had filed false accounts at Companies House.

Genz operated a website www.genzholdings.co.uk, which claimed the creation of the group had been an “extraordinary journey” – one that had taken the management from heading a small company which imported and distributed foodstuff in 1948, to chairing the board of directors of “a globally recognised conglomerate” of 13 companies, managed by a team of professionals who had built an experience as managers and entrepreneurs in “the most diversified industries” of construction, aviation, foods, telecom and energy.

Gafo operated a website www.gafo.me.uk, with a drop down menu with links to its subsidiary businesses Gafo Air, Gafo Aviation, Gafo Beity, Gafo Construct, Gafo Energy, Gafo Foods, Gafo Pro and Gafo Telecom.

Greens operated a website www.gtctelecom.net – and described itself as one of the “uprising organisations” in the information and communications world, with an experienced management team set to market in 50 countries, to satisfy the growing world demand for telecommunication services. The company added that it was expanding its network in Comoros (population 750,000) to increase capacity from 30,000 to 250,000 subscribers.

Welcoming the court decision to wind up the three companies, Company Investigations Supervisor at the Insolvency Service, Chris Mayhew, said:

“Far from being the incredible entrepreneurial journey claimed, this was no more than an exaggerated misrepresentation of reality, designed to obtain credit in the same way as a related scam peddled in a much less ambitious way that was wound up in the public interest in 2009 –2010.

“The level of competence displayed in the present companies is illustrated by the claimed international airline business having booking pages for its flights between Tanzania, Kenya, Sudan, Comoros and South Africa – but showing a tropical landscape, “St Thomas Island”, which is in the US Virgin Islands in the Caribbean.

“Business and members of the public should be able to rely on the statutory
information filed by a company on its public register and otherwise made available – and where abuses are found, as here, the Insolvency Service will investigate and take further enforcement action as necessary.

“The Official Receiver now appointed to wind up these companies’ affairs will be glad to receive details from any creditors here or abroad who have dealt with any of the companies or their predecessors,” Mr Mayhew added.

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