Al-Amir Ltd.’s lone director was Abbas Abo Kifayah (37), a resident of Kingsbury in northwest London.
The company operated a grocery store and butcher shop out of premises in northwest London’s Wembley neighbourhood.
However, the company entered into a creditors’ voluntary liquidation in July 2021, which led to an Insolvency Service probe.
Investigators discovered that in August 2020, Abbas Kifayah was successful in getting a £50,000 bounce-back loan for Al-Amir Ltd.
Abbas Kifayah inflated the company’s revenue, though, in order to get Al-Amir Ltd. a larger credit than it was qualified for.
Additional investigations revealed that after the £50,000 loan was deposited in the business’s bank account, £43,200 was moved to Abbas Kifayah’s personal account, slightly over £3,000 was sent to a third party, and $2,250 was taken in cash.
When Abbas Kifayah was questioned regarding these transactions, he admitted that £12,000 had been used to pay his salary and the remaining money had been used for both personal expenses and his backdated income.
Investigators, however, were unable to uncover any proof that any of the funds were used for the company’s advantage.
Abbas Kifayah’s 10-year disqualification undertaking was accepted by the Secretary of State for Business, Energy, and Industrial Strategy on June 30, 2022, after he did not dispute that he had obtained a £50,000 Bounce Back Loan to which the company was not entitled and had failed to use the money for Al-Amir Ltd.’s financial benefit.
Abbas Kifayah is prohibited from participating directly or indirectly in the development, promotion, or management of a firm without the court’s approval as of July 21, 2022.
The liquidator of Al-Amir Ltd. is taking the bounce-back loans and money recovery into consideration.
Deputy Head of Insolvent Investigations Lawrence Zussman stated:
For the duration of the epidemic, sustainable enterprises might be supported with bounce-back loans.
However, Abbas Kifayah exploited the government’s assistance when he overstated the company’s revenue in order to borrow the biggest amount possible before wasting the money rather than putting it to good use.
Abbas Kifayah’s disqualification should act as a clear message that we will take serious measures to protect the public and the taxpayer since 10 years is a large period of time to be barred from the corporate world.