Oracle Ltd in Malta - Owner of London Capital & Finance Trustees

By J Drew -
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. This trustee company just happened to be registered at the same address as LCF.

 As of 22 January 2019 London Capital & Finance have transferred the management of their £200 million bond & loan business to GLOBAL SECURITY TRUSTEES LIMITED. This is a dormant company with assets of £100 and registered at the same address as LCF with directors that have also served at 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?
The record at UK Companies house shows Oracle Limited details. Oracle Ltd, company ref C81910 is registered in Malta as being at 43A/1 St Paull's Buildings West Street Valletta Malta.

 The ownership of Maltese companies is very hard to determine. Could this be why the company chose to be listed in Malta? Who is behind Oracle Limited? Are they the same people as LCF?

 Has Malta been chosen as the location for the company to avoid the jurisdiction of the FCA?

 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

Comments

  1. Unknown7 June 2019 at 14:40

    Outright theft, pure and simple. The SFO should be pursing this with the High Courts permission.

    ReplyDelete
  2. IAN DAVIS21 April 2020 at 15:43

    London Capital Finance's boss Andrew Thomson is the owner of Oracle Limited, who controlled the security trustee for 7 months.............Total fraud !!!!!!!!!!

    https://registry.mbr.mt/ROC/index.jsp#/ROC/companyDetailsRO.do?action=involvementList&companyId=C%2081910

    Also the company who held the shares were Oracle Asset Management llp owned by Andrew Thomson & his father Ronald.

    https://beta.companieshouse.gov.uk/company/OC411428/officers

    The company address is also Steven Davidson's (Chartered accountants) of 14 David Mews London who also just happened to act as LCAF's secretary CAA Registrars Limited !!

    https://beta.companieshouse.gov.uk/company/09225604/officers

    https://beta.companieshouse.gov.uk/company/08140312/officers

    ReplyDelete

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