Abbas Abo Kifahayah, 37, from Kingsbury, northwest London, was the only director of Al-Amir Ltd. The company operated as a grocery store and butcher on the premises of Forty Avenue in Wembley, northwest London.
However, the company began voluntary liquidation from creditors in July 2021 and began investigating bankruptcy services.
Investigators discovered that Abbas Kifayah was able to secure a repayable loan of £ 50,000 to Al-Amir Ltd in August 2020. However, Abbas Kifayah overestimated the company’s sales and obtained a loan with a higher value than what Al-Amir Ltd was entitled to.
Further investigation revealed that when a £ 50,000 loan was transferred to a company’s bank account, £ 43,200 was transferred to Abbas Kifayah’s personal account, over £ 3,000 was transferred to a third party and £ 2,250 was withdrawn in cash. Became clear.
When Abbas Kifayah was asked about the transaction, he said £ 12,000 was spent on paying his salary and the rest was spent on his backpay and personal use. However, investigators found no evidence that the money was used to benefit the company.
On June 30, 2022, Secretary of State for Business, Energy and Industrial Strategy, Abbas Kifaya, after the company did not object to obtaining a loan from an unprivileged and useless £ 50,000 recovery. Accepted a 10-year ban from. .. Funds received for the financial benefit of Al-Amir Ltd.
Beginning July 21, 2022, Abbas Kifayah is prohibited from directly or indirectly participating in the promotion, formation, or management of any business without the permission of the court.
The liquidator at Al-Amir Ltd is considering collecting the loan and collecting the funds.
Lawrence Zusmann, Deputy Director of Bankruptcy Investigation, said:
During the pandemic, stimulus loans were available to support a viable business. However, Abbas Kifaya abused government support when he inflated the company’s sales to receive the maximum loan before wasting money, rather than spending it for the benefit of the company.
Ten years will be a long time to be excluded from the territory of the enterprise, and the disqualification of Abbas Kifaya should be a clear warning of taking decisive action to protect the public and taxpayers. “
Notes to editors
Abbas Abo Kifayah is from Kingsbury, northwest London, and his date of birth is November 1984.
Al-Amir Ltd (company registration number 09398002).
Approval of exclusion is administratively equivalent to an exclusion order, but does not include proceedings. Many other restrictions apply to individuals subject to erasure orders.
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