Currency and tax fraudster banned for 15 years
A company director, who made false VAT claims to Her Majesty’s Revenue & Customs, has been hit with the maximum director disqualification.
Following a hearing in the High Court, Registrar Clive Jones ordered that Mr Olusegun Samuel Adigun be disqualified from acting as a company director for 15 years.
The disqualification was ordered after an Insolvency Service investigation found that between 1 August 2010 and 30 June 2013 HMRC paid Samuel & Associates Ltd £41,453.96 in VAT repayments based on false claims submitted by Mr Adigun who subsequently failed to provide HMRC with any records evidencing the validity of the claims, which totalled £51,983.96. The money has not been repaid.
Mr Adigun used some of the money “reclaimed” from HMRC to make purchases from currency dealers but subsequently provided details of bank accounts in Georgia and Latvia to receive further monies from the dealers, whom he provided with differing UK bank details to claim their amounts owed via direct debit. Those accounts were left without funds to honour the dealer’s claims meaning €90,000 was lost in the case of Samuel & Associates Ltd and $10,000 to Eu-Africa Business Consult. €30,000 of this money was obtained post liquidation by using the Latvian bank account to receive monies ordered in the name of the UK version of Samuel & Associates Ltd, but paid to a Latvian company using the same name.
In summary, Mr Adigun used his companies to deliberately make false VAT repayment claims from HMRC and then mislead currency dealers into handing over tens of thousands of euros and US dollars to his companies without paying them, except to some degree with money he had already falsely obtained from HMRC. Each company was registered at virtual office spaces, effectively dead letter boxes misleadingly presented as trading addresses and from which Mr Adigun failed even to arrange collection of mail.
Following the winding up of each company Mr Adigun failed to co-operate with the Official Receiver or provide any defence of his actions.
Notes to Editors
Olusegun Samuel Adigun is of London and his date of birth is September 1974.
Samuel & Associates Limited (CRO No. 05907294) was placed into compulsory liquidation on the petition of a private company on 12 August 2013. The grounds for the winding up were failure to pay £45,143.61 for the purchase of €50,000.
EU-Africa Business Consult (CRO No. 07906662) was placed into compulsory liquidation on the petition of another private company on 3 July 2013, and following similar misbehaviour leading to a judgement in the Northampton County Court on 27 November 2012 for £6,940.31.
Samuel & Associates Limited was incorporated on 16 August 2006.
Eu-Africa Business Consult was incorporated in 12 January 2012.
The Official Receiver was appointed liquidator of each company on the respective dates of liquidation.
A disqualification order has the effect that without specific permission of a court, a person with a disqualification cannot:
act as a director of a company
take part, directly or indirectly, in the promotion, formation or management of a company or limited liability partnership
be a receiver of a company’s property
In addition that person cannot act as an insolvency practitioner and there are many other restrictions are placed on disqualified directors by other regulations.
Disqualification undertakings are the administrative equivalent of a disqualification order but do not involve court proceedings. Further information on director disqualifications and restrictions can be found here.
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. It may also use powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK. In addition, the agency 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, and how to complain about financial misconduct, is available.
Contact Press Office
Media enquiries for this press release – 020 7674 6910 or 020 7596 6187
The Insolvency Service
4 Abbey Orchard Street
Media Manager 020 7596 6187
This service is for journalists only. For any other queries, please contact the Insolvency Enquiry line on 0300 678 0015.
For all media enquiries outside normal working hours, please contact the Department for Business, Energy and Industrial Strategy Press Office on 020 7215 1000.
You can also follow the Insolvency Service on:
Published: 15 July 2016
From: The Insolvency Service