All Change at Global Security Trustees - London Capital and Finance Trustee company

By J Drew -
It's all change at Global Security Trustees Ltd, the security trustee for London Capital and Finance who hold a charge over all the assets of LCF. If London Capital and Finance goes into administration it's the trustees who are meant to look after the interests of bondholders.

LCF Global Security Trustees Changes - Jan 2019
LCF Global Security Trustees Changes - Jan 2019
Until recently the owner of Global Security Trustees Ltd was a company based in Malta called Oracle Limited. As of 28th January they have sold their shareholding in the company to the two directors of Global Security Trustees Ltd who are Jeremy Friedlander and Alexander Lee.



Why do this now? It's likely that London Capital and Finance will be classed as officially in default this week as they have now failed to pay interest or capital to bondholders for over a month so it might be a way to try to take control of the situation where LCF goes in to administration.

These changes supposedly happened on 1st November 2018 but have only been notified on 28th January 2019

Comments

  1. Unknown29 January 2019 at 09:06

    can somebody please put the above information into laymans terms and tell me how this will change the situation the we are in

    ReplyDelete
    Replies
    1. J Drew30 January 2019 at 00:52

      Essentially for bond holders it's probably good news as the ownership of the trustees is now in the UK rather than abroad. Other than that it changes little as there is still no guarantee of any money being there

      Delete
  2. Anonymous1 March 2019 at 05:24

    Would that be the same Alexander Lee who is a partner at Buss Murton Solicitors (Tunbridge Wells)? The same Buss Murton Solicitors which holds the entire share capital in Buss Murton (Nominees) Limited? The same Buss Murton (Nominees) Limited which holds the entire share capital in El Cupey Limited? El Cupey Limited which holds as a fixed interest an “Investment in Inversionnes 51588SRL”.
    El Cupey being the name of the investment property which was recently attributed with a “nil” value by the FSCS for the purposes of assessing losses of people who were convinced to remortgage their homes to invest in a development in the Dominican Republic on the basis that the investment company would also help them to dispose of unwanted timeshares.
    Buss Murton Solicitors also being the former employer of Robert Sedgwick. The same Robert Sedgwick who was subject to SRA censure having permitted the use of the firm’s account to facilitate four investment schemes which were considered “dubious”.
    Interestingly the name of the former director of Global Security Trustees Limited was….

    ReplyDelete

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