London Capital & Finance - Where Is The Money?

According to FCA and other reports it appears that London Capital & Finance had over £200 million in unsecured bonds from investors outstanding when the FCA froze their accounts. So where has this money gone? According to LCF they had 11 borrowers in 2017. We don't know the latest numbers as they have defaulted in filing their accounts for 2018.

 However we do know that there are public records of how much money has been loaned to certain companies. In particular one company called London Oil & Gas has borrowed £50 million from London Capital & Finance so nearly a quarter of all the bond money has been committed to this one company. That seems incredibly risky especially when oil and gas exploration is known for a roller coaster ride.

Out of this money £38 million has been committed in a loan to a company called Independent Oil & Gas (IOG) which is listed on the London Stock Exchange. £30 million has already been paid out to IOG. This information is shown on the IOG website. Statement from IOG about London Capital loans.
Further loans of £8m have been arranged with a company called Atlantic Petroleum listed in the Faroe Islands.

There are other companies that have shown having money lent by London Capital & Finance which includes a holiday park in Cornwall, Waterside Villages also known as Lakeside Villages. The total to this company appears to be £20 million.

In addition to the loans made it is also suggested that London Capital & Finance paid up to 25% commission to the company that ran comparison websites on their behalf and provided most investors to LCF. This would account for up to £50 million of the money. This is a speculative number at present as LCF have failed to file accounts but the marketing company called Surge Financial have shown a massive increase in their profits since promoting London Capital & Finance.