A north London property developer has been banned for four years from acting as a company director for failing to pay £500,000 in tax.
The director of Oberon Properties, Walid Wasfi Wasif Musmar, who developed properties in Camden, sold the last of his portfolio in May 2007 for £3.5m and incurred corporation tax of £500,000 from the sale. The amount was due to be paid by August 2008.
Following an investigation by the Insolvency Service, Musmar, 38, of Highgate and 53-year-old Antoni Fields of Barnet, who was also a director of Oberon, were found to have caused the company to pay £3.7m, including loans totalling £640,000 to another company that they were directors of, but did not pay any corporation tax.
Oberon went into voluntary liquidation on 19 December 2008, owing HM Revenue & Customs £535,563 in unpaid tax.
Fields gave an undertaking not to act as a director in relation to his conduct at the company for four years from 16 November 2010, while Musmar’s disqualification begins on 14 December 2012.
Mark Bruce, a chief examiner at the Insolvency Service, warned that directors who seek an unfair advantage by not paying tax should not expect to get away with it.
“This conduct harms commercial confidence and the UK’s reputation as a place to do business.
“Other directors tempted to follow this path should remember that if they run a business in a way that is detrimental to its customers, its creditors or the public they lose the protection afforded by limited liability.”