London Power Corporation - Chairman's Resignation
It has been reported in the Times that David Peattie has resigned as Chairman of London Power Corporation. This is the holding company for London Oil and Gas that received £122 million of loans from London Capital & Finance. David Peattie resigned on 13 February 2019 according to Companies House. David Elliott also resigned as Company secretary a few days earlier.
It's still unclear where much of this money has been invested. It's declared that £38 million was lent to Independent Oil and Gas but that still leaves tens of millions that's unaccounted for. It has been suggested that some of this money has been used in renewable energy projects in emerging markets. If so then this is a hugely risky destination for investor money and raises questions over the potential returns to LCF bondholders.
London Power Corporation is owned by Elten Herbert Barker, London Group LLP and
Simon Patrick Hume Kendall, names that will be very familiar to anyone looking in to London Capital & Finance borrowers.
https://beta.companieshouse.gov.uk/company/10508021/persons-with-significant-control
https://www.thetimes.co.uk/article/nuclear-chief-david-peattie-quits-as-head-of-london-power-corporation-bzsckbv0b
It's still unclear where much of this money has been invested. It's declared that £38 million was lent to Independent Oil and Gas but that still leaves tens of millions that's unaccounted for. It has been suggested that some of this money has been used in renewable energy projects in emerging markets. If so then this is a hugely risky destination for investor money and raises questions over the potential returns to LCF bondholders.
London Power Corporation is owned by Elten Herbert Barker, London Group LLP and
Simon Patrick Hume Kendall, names that will be very familiar to anyone looking in to London Capital & Finance borrowers.
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| London Power Corporation - Simon Hume Kendall |
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| London Power Corporation - Simon Hume Kendall |
https://beta.companieshouse.gov.uk/company/10508021/persons-with-significant-control
https://www.thetimes.co.uk/article/nuclear-chief-david-peattie-quits-as-head-of-london-power-corporation-bzsckbv0b
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