Press release

High Court orders '£445 million' companies into provisional liquidation

A group of three London companies, Genz Holdings Ltd, Gafo Me UK Ltd and Greens LD Ltd, reportedly having assets of £445 million worldwide have been ordered into provisional liquidation following petitions presented by the Secretary of State for Business, Innovation & Skills to wind up the companies in the public interest.

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The petitions were issued following confidential inquiries carried out by Company Investigations, part of the Insolvency Service.

The Official Receiver has been appointed by the Court as provisional liquidator of the companies on the application of the Secretary of State. The role of the Official Receiver is to protect the assets and financial records of the companies pending determination of the petitions.

The provisional liquidator also has the power to investigate the affairs of the companies insofar as it is necessary to protect their assets including any third party or trust monies or assets in the possession of or under the control of the companies.

Chris Mayhew, Company Investigations Supervisor, said:

As the matter is before the Court no further information will be made available about the case until the petitions - listed for hearing on 17 September 2015 - are determined.

Notes to Editors:

The petitions were issued under section 447 of the Companies Act 1985, as amended.

Genz Holdings Ltd (Company No. 07422207) was incorporated on 28 October 2010. The registered office of the company throughout has been 17 Ensign House, Admirals Way, Marsh Wall, Canary Wharf, London, E14 9XQ. The recorded directors have been Mohamed Naqaweh from incorporation to 25 August, 2011; Fayez Naqaweh from 1 March 2011 to 1 May 2012; Rashad Naqaweh from 1 March 2011 to 1 July 2014; Abdo Ahmada from 28 October 2010 to present date; Hady El Kalaani from 1 April 2011 to present date and Alexander Smith from 1 April 2011 to present date. The company secretary from 1 September 2011 to 2 January 2012 is shown to have been Mohamed Bilal Al Maleh and from 1 May 2012 to present date Mohamad Naqweh.

The share capital of the company is shown to be £250,000 divided into 250,000 A ordinary shares of £1 each held by Mohamad Naqaweh (125,000 shares) and Fayez Naqaweh (125,000 shares).

The company operated a website www.genzholdings.co.uk

The company’s accounts are shown to be audited by Habib Sharabaaty of GTC Accounting www.gtcaccounting.com and the most recently filed accounts are for the year ended 31 December 2013. The company’s business lines are stated to be telecom operator and energy supplier present in 15 countries with products distributed worldwide. They report revenues of £154 million and total assets of £223 million including:

  • Gafo Telecom £54.2 million
  • Gafo Energy £54.4 million
  • Gafo Aviation £22.4 million
  • Arabia Trade £3.9 million
  • Gafo Med-Pro-Pharm £1.6 million
  • Gafo Construct £8.1 million
  • Gafo Beity £3.8 million

Gafo ME UK Ltd (Company No. 07460206) was incorporated on 3 December 2010 in the name Gafo Energy UK Limited. The name of the company was subsequently changed on 22 August 2011, 16 July 2012 and 24 June 2013 respectively to Gafo Telecom UK Limited, Gafo Energy NZ & Aviation Ltd and to its present style. The registered office was initially 17 Ensign House, Admirals Way, Marsh Wall, Canary Wharf, London, E14 9XQ until 30 April 2014 and thereafter to present date 60 Gresham Street, London, EC2V 7BB. The recorded directors have been Rashad Naqaweh from incorporation to 1 June 2012; Rashad Naqaweh from 3 July 2014 to present date; Hakim Abdel Diab from incorporation to present date; Genz Holding from 1 March 2011 to 2 April 2012; Genz Holdings Ltd from 10 March 2011 to 20 June 2013; Faez VP Naqaweh from 1 October 2013 to 1 October 2014; Faez Naqaweh from 30 April 2014 to 1 May 2015 (also from 2 January 2012 to 2 June 2014) and Mohamed Faez Naqaweh from 10 April 2014 to 2 June 2015. The company secretary is shown to have been Alexander Smith from 2 July 2012 to 1 July 2014; Muhamed Rashad Naqaweh also from 2 July 2012 to 9 September 2013; Mark Kims from 2 June 2014 to 1 October 2014; Hakim Abdel Diab from 1 October 2014 to 2 December 2014 and Gafo Energy NZ Ltd from 5 June 2014 to present date.

The share capital of the company is shown to be £1 million divided into 1 million ordinary shares of £1 each held by Gafo Energy NZ (750,000 shares) and Rashad Naqaweh (250,000 shares).

The company operated a website www.gafo.me.uk with links to:

  • Gafo Air www.gafoair.com
  • Gafo Aviation www.gafoaviation.com
  • Gafo Beity www.gafobeity.com
  • Gafo Construct www.gafoconstruct.com
  • Gafo Energy www.gafoen.com
  • Gafo Foods www.gafofoods.eu
  • Gafo Pro www.gafopro.com
  • Gafo Telecom www.green-telephone.com

The company’s accounts are shown to be audited by Habib Sharabaaty of GTC Accounting www.gtcaccounting.com and the most recently filed accounts are for the year ended 31 December 2014. The company’s business lines are stated to be telecommunication and energy provider present in 3 countries with products provided. They report revenues of £136.1 million and total assets of £176.3 million including:

  • Gafo Aviation £27 million
  • Gafo Construct £17.7 million
  • Gafo Foods £3.2 million
  • Gafo Energy £42.4 million
  • Gafo Telecom £40.9 million

Greens LD Ltd (Company No. 07802331) was incorporated on 7 October 2011 in the name Green Tel Limited. The name of the company was changed to its present form on 9 April 2014. The registered office of the company throughout has been 17 Ensign House, Admirals Way, Marsh Wall, Canary Wharf, London, E14 9XQ. The recorded directors have been Ghalia Almalih from incorporation to 24 October 2011, Mohammed Rachad Naqaweh from incorporation to 24 October 2011; Rashad Naqaweh from incorporation to 1 October 2014 and Fayez Naqaweh from 7 October 2011 to present date. No secretary is shown to have been appointed.

The share capital of the company is shown to be £500,000 divided into 500,000 ordinary shares of £1 each all shown to be held by Rashad Naqaweh.

The company operated a website www.gtctelecom.net that describes the company as ‘GTC Telecom.’

The company’s accounts are shown to be audited by Habib Sharabaaty of GTC Accounting www.gtcaccounting.com and the most recently filed accounts are for the year ended 31 December 2013. The company’s business lines are stated to be medical supplies and telecommunication present in 2 countries with products provided. They report revenues of £40 million and total assets of £45.8 million including:

  • Gafo Telecom £31.4 million
  • Medical Supplies £7.2 million

The petitions to wind up the companies were presented in the High Court on 22 July 2015 under the provisions of section 124A of the Insolvency Act 1986 following confidential enquiries carried out by Company Investigations under section 447 of the Companies Act 1985, as amended.

On 30 July 2015, on the application of the Secretary of State, with notice to the companies, Mr R Englehart QC sitting as a Deputy Judge, appointed the Official Receiver as provisional liquidator of the companies.

Company Investigations, part of the Insolvency Service, uses powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK on behalf of the Secretary of State for Business, Innovation & Skills (BIS). Further information about live company investigations is available.

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.

By virtue of the appointment of the provisional liquidator, all public enquiries concerning the affairs of the companies should be made to: The Official Receiver, Public Interest Unit , 4 Abbey Orchard Street, London, SW1P 2HT. Telephone: 0207 637 1110 Email: piu.or@insolvency.gsi.gov.uk.

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Published 31 July 2015