An ongoing criminal investigation is being conducted into the business practices of individuals associated with Arena Television Limited and its linked entities, confirmed the SFO
By Jenny Priestley
Published: December 2, 2024 Updated: December 3, 2024
An ongoing criminal investigation is being conducted into the business practices of individuals associated with Arena Television Limited and its linked entities, confirmed the SFO
target=_blank title=Share on LinkedIn class=share-linkedin> An ongoing criminal investigation is being conducted into the business practices of individuals associated with Arena Television Limited and its linked entities, confirmed the SFO
https://www.tvbeurope.com/business/serious-fraud-office-still-investigating-arena-television-collapse title=Share via Email class=share-email>
The UK's Serious Fraud Office (SFO) has issued a statement confirming it is still investigating the collapse of outside broadcasting company, Arena Television.
Arena Television ceased trading in November 2021, with debts believed to be around £280 million.
The company's administrator Kroll said Arena secured more than £290 million against assets which are now believed to have never existed.
The SFO first announced it was investigating the collapse of the company in February 2022.
It has now said, an ongoing criminal investigation is being conducted into the business practices of individuals associated with Arena Television Limited and its linked entities .
The SFO added that as the investigation is still ongoing it is unable to comment further at this time.
While the SFO investigation continues, there have been developments in the collapse of the company during 2024.
In July, liquidators Kroll Advisory launched a civil case against Lloyds Bank and Bank of Scotland.
Kroll accused Lloyds and its Bank of Scotland of allegedly allowing Arena's directors to perpetrate a substantial and wide-ranging fraud against multiple lenders.
According to court documents submitted as part of the case, of the 8,196 assets that had loans outstanding against them when Arena collapsed, only 66 existed .
Last month Lloyds Bank and Bank of Scotland hit back at Kroll, claiming that they should not be liable for payments they processed for OB company that were linked to the alleged £1.2 billion fraud, and that Arena's former directors, Richard Yeowart and Robert Hopkinson, had actual authority to make the payments under the terms of the accounts.
The banks argued that the liquidators are put to strict proof on whether any individual payments were part of an asset-backed lending fraud conducted by the directors of Arena and Sentinel Broadcast Ltd, adding that no individual employee at Lloyds or the Bank of Scotland had any reasonable grounds to believe that any impugned payment instruction was an attempt by the directors to defraud Arena.
Lloyds countersued the liquidators for £12.5 million, stating Arena had failed to repay money it was owed for asset finance lending.
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An ongoing criminal investigation is being conducted into the business practices of individuals associated with Arena Television Limited and its linked entities, confirmed the SFO
