The director of an illegal landbanking company has been banned from acting as director of a limited company for nine years.
Wasim Minhas of Plateau Development and Land Limited was banned following an investigation by The Insolvency Service which found the company had illegally sold plots of land to the public and then failed to account for £1 million in payments from resulting sales.
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.
“Directors are required to maintain sufficient accounting records that show and explain company transactions – Mr Minhas failed to do this and the volume of unexplained transactions over its trading lifetime was highly suspicious.”
Plateau Development and Land Limited went into voluntary liquidation in May 2011.
Minhas admitted that the company had been operating an unauthorised collective investment scheme. He was unable to provide records explaining a total of £939,753 in payments made from the scheme.
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 During the same period, £312,943.63 was withdrawn in cash from this account but no records were provided to explain the transactions.
Minhas’ ban will commence 24 April 2013 and run until April 2022.