LCF Saga - Another One Bites The Dust
The saga of London Capital and Finance and their borrowers shows no signs of going away. It's been fairly quiet on the blog front recently but primarily because the mainstream media have finally started to cover the story.
One bit of news this week is that another borrower of LCF has gone into administration making three companies now being run by administrators including LCF. After London Oil and Gas, the largest borrower from LCF with £122 million went into administration a few weeks back, a linked company London Power Corporation run by Simon Hume Kendall and Elten Barker has now filed for administration too.
Having borrowed £122 million from LCF, London Oil & Gas loaned £16.6 million to a company to buy shares in London Power Corporation. That money is presumably now at risk too.
The dominoes are all falling down around the web of LCF linked companies.
 |
| LCF Another Borrower Bites The Dust |
One bit of news this week is that another borrower of LCF has gone into administration making three companies now being run by administrators including LCF. After London Oil and Gas, the largest borrower from LCF with £122 million went into administration a few weeks back, a linked company London Power Corporation run by Simon Hume Kendall and Elten Barker has now filed for administration too.
Having borrowed £122 million from LCF, London Oil & Gas loaned £16.6 million to a company to buy shares in London Power Corporation. That money is presumably now at risk too.
The dominoes are all falling down around the web of LCF linked companies.
Comments
Post a Comment