LCF Worldwide Asset Freezing Orders Upheld by High Court

A case has been heard at the High Court  that was brought against various parties allegedly involved in the London Capital & Finance bond fraud to prevent their assets being sold. 

It was detailed in the court papers that orders have been placed on the assets of 5 people related to LCF that prevent any disposal of any assets worldwide that they own. This order was being disputed by the 5 defendants, Simon Hume Kendall, Michael Thomson, Elten Barker, Spencer Golding and Helen Hume Kendall.

Curiously the Worldwide Freezing orders were only granted in August 2020, some 18 months after the collapse of London Capital & Finance although Serious Fraud Office Criminal Restraint Orders were in place in March 2019 but these are more limited in scope.

Simon & Helen Hume Kendall

Michael Thomson, CEO of LCF

Spencer Golding on the right

Elten Barker on right

Interestingly the continuance of the Worldwide Freezing order was accepted by all the parties except Spencer Golding and Elten Barker.

The summary of the judgement is that the Worldwide Freezing Order was upheld and will continue so the 5 defendants will be unable to sell assets without approval.

A helicopter owned by Spencer Golding was referred to in the proceedings, note the 90 SG personal plate on the Range Rover.

Helicopter with Spencer Golding 90SG Range Rover

There were a few interesting points mentioned in the details of the case

1) SFO and Smith & Williamson don't appear to be effectively communicating. The sale of a helicopter took place without S&W knowledge but seems to have been approved by the SFO (Serious Fraud Office) Confusion arose because the parties hadn't discussed it.

2) There is no requirement for SFO to inform S&W that restraint orders have been removed. This could happen before any other freezing order was put in place to prevent asset disposal hence the need for the Worldwide orders.

3) Spencer Golding and Elten Barker objected to the orders but the other 3 accepted them.

4) Lawyers for Elten Barker (third respondent) fell into line with the arguments from Spencer Goldings lawyers although both men were represented by different barristers.

The proceedings didn't refer to Paul Careless so it suggests that the £60 million paid to Surge Financial isn't part of a freezing order.

Paul Careless of Surge Financial