Wasim Minhas, director of Plateau Development and Land Limited, a company that illegally sold plots of land to the public and then failed to account for £1 million in payments from these sales, has been disqualified from acting as director for nine years following an investigation by The Insolvency Service.
Minhas, 31, of Sutton, south London, has given an undertaking that he will not act as a director of a limited company from 24 April 2013 until April 2022.
Plateau Development and Land Limited went into voluntary liquidation in May 2011. Minhas admitted that the company was operating an unauthorised collective investment scheme and that he could not provide records to explain a total of £939,753 in payments made from this scheme.
Furthermore, the Insolvency Service investigation showed that from 27 August 2010 to 14 December 2010, Minhas received £179,000 from the company account. During the same period, £312,943.63 was withdrawn in cash from this account but no records were provided to explain these transactions.
Mark Bruce, a chief examiner at the Insolvency Service, said: “Company directors enjoy the privilege of limited personal liability but they are expected to follow the law, which Mr Minhas did not do when he ran an unauthorised investment scheme.
“Furthermore, directors are required to maintain sufficient accounting records that show and explain company transactions. However, Mr Minhas failed to do this and the volume of unexplained transactions over its trading lifetime was highly suspicious.
“Directors tempted to keep poor accounting records should be warned that The Insolvency Service will take tough action against anyone who fails to meet these obligations.”