Revealed: names of leasing companies in farm scam
A Leasing Life investigation has unearthed the
identities of the leasing companies that have allegedly been the
victim of yet another multiple financing scam to have hit the asset
finance industry.
As previously reported, a large fruit farm
based in the south west of England, and which also has substantial
overseas operations, allegedly convinced leasing companies to
provide finance several times for single polythene tunnels.
It is believed that the value of money
forwarded to the company, whose director is believed to be
currently in Mauritius, totalled some £30 million.
The leasing companies involved include:
Kingsway Asset Finance, Bank of Ireland, CIT Vendor Finance, GE
Capital Equipment Ltd, Hitachi Capital Business Finance, Siemens
Financial Services, Barclays Asset & Sales Finance, Clydesdale
Bank Asset Finance, Lombard North Central, Lloyds TSB, Bank of
Scotland, Summit Asset Management and Eastern Credit Limited.
A number of bankruptcy applications against a
director of the farm are believed to have been lodged in courts by
leasing companies.
A full report on this story will appear in
the April issue of Leasing Life
Brendan Malkin