Wednesday, 9 January 2019

London Capital & Finance - Who are GLOBAL SECURITY TRUSTEES LIMITED?

London Capital & Finance claimed in the marketing that their bonds were "fully asset backed for security" and were protected by a Trustee who would enforce the security for bondholders.


London Capital & Finance GLOBAL SECURITY TRUSTEES LIMITED
London Capital & Finance GLOBAL SECURITY TRUSTEES LIMITED

The company named as the Trustee for the bonds, the impressive sounding GLOBAL SECURITY TRUSTEES LIMITED is a dormant company with assets of £100 and registered at the same address as LCF with directors that have also served LCF.



As of April 2018 the majority owner of GLOBAL SECURITY TRUSTEES LIMITED is based in Malta, a company called Oracle LTD, nothing to do with the huge Oracle Corporation of USA. 


  • Why would the owner of a dormant Trustee company with assets of only £100 need to be based in Malta? 
  • If the Trustee is owned by a different company outside the UK, could they just walk off with the money of the bondholders?
  • All London Capital & Finance assets are assigned over to GLOBAL SECURITY TRUSTEES LIMITED. The owner of these assets is now based in Malta. What obligation do they have to LCF bondholders?

https://beta.companieshouse.gov.uk/company/09846126/filing-history



Photo of the offices of the owner of GLOBAL SECURITY TRUSTEES LIMITED in Malta, Oracle Ltd as given by Companies House UK. Oracle Ltd C81910 is registered as being at 43A/1 St Paull's Buildings West Street Valletta Malta


offices of the owner of GLOBAL SECURITY TRUSTEES LIMITED in Malta, Oracle Ltd
Offices of the owner of GLOBAL SECURITY TRUSTEES LIMITED in Malta, Oracle Ltd

However it appears that the address given in the Companies house filing is wrong and Oracle Ltd is based at a different address in Malta. 

56, GROUND FLOOR, EUROPA CENTRE, SAINT ANNE STREET, FLORIANA, Malta

The registration for Oracle Ltd is C 81910. Malta Company registration doesn't give any details of the ownership or directors of the company online so more investigation is needed for this.

offices of the owner of GLOBAL SECURITY TRUSTEES LIMITED in Malta, Oracle Ltd
offices of the owner of GLOBAL SECURITY TRUSTEES LIMITED in Malta, Oracle Ltd
Why would a company selling unregulated bonds to UK investors assign the security trustee to a company that is owned by another company in Malta? There would appear to be no logical reason to do so other than trying to hide the ultimate owner of those assets or prevent them being pursued from the UK


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