Times of Tunbridge Wells 2nd September 2020

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Wednesday September 2 | 2020

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NO WAY: Council admits the new one-way system in the High Street is not ideal and has been rushed through because of the need to spend the money allocated by government. The one-way system went into operation on Thursday [August 27] Full story page three.

Men at centre of minibond firm collapse are sued for £32million By Richard Williams FOUR men connected to a failed Tunbridge Wells minibond firm are to be sued for £32million after it was alleged that they received the money owed to investors through a web of interconnected companies. Eridge-based London Capital & Finance [LCF] fell into administration early last year, owing around £237million to more than 11,500 bondholders. LCF’s collapse followed an investigation by the Finance Conduct Authority [FCA] into the marketing of minibonds, which led to the firm’s bank accounts being frozen. Investors had been told the money they paid for the bonds, which offered interest rates as high of eight per cent, would be spent on low-risk loans to small compa-

nies, but according to administrators it went to just four men in what they termed ‘highly suspicious’ transactions. Last year five men were arrested by the Serious Fraud Office in connection with LCF’s collapse, but no charges have yet

‘It has taken over a year of litigation to get to this point’ been brought. But now a High Court judge has paved the way for administrators to sue four of these men. LCF was originally set up in 2012 by for Tunbridge Wells Conservative chairman Simon Hume-Kendall, under the name South Eastern Counties Finances.

The company changed its name and directorship in 2015, but 66-year-old Mr Hume-Kendall went on to become the largest borrower of money from LCF. Through his company London Oil & Gas [LOG], he borrowed £91million from the bond firm. LOG also fell into administration last year. The High Court judgement granted last week means Mr Hume-Kendall, along with fellow LOG director Elten Barker of Hadlow Down, LCF Director Andy Thomson, and Crowborough businessman, Spencer Golding, can now be pursued by LOG’s administrators, CMB Partners, for £32.6million. Administrators say money LOG borrowed from LCF was lent to another firm called London Group, which handed the

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