The bank argued it should not be liable for processing payments linked to an alleged £1.2 billion fraud
By Matthew Corrigan
Published: November 4, 2024 Updated: November 5, 2024
The bank argued it should not be liable for processing payments linked to an alleged £1.2 billion fraud
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Lloyds Bank has stated it should not be liable in the Arena Television case.
Following the collapse of Arena Television and Sentinel Broadcast Ltd, the bank, along with subsidiary, Bank of Scotland PLC, is defending a £287 million claim brought by the liquidators. According to a report in Law360, the banks argued, in a High Court defence, that they should not be liable for payments they processed for the broadcaster that were linked to an 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 has countersued the liquidators for £12.5 million, stating Arena had failed to repay money it was owed for asset finance lending. The liquidators were not named in the defence filing.
The banks argued that in the event they are found liable to Arena, Sentinel is liable to the lenders for the same amount. A part 20 claim is being brought against the collapsed broadcaster with the banks alleging deceit and unlawful means conspiracy.
The liquidators stated the banks should have questioned Yeowart and Hopkinson's authority to use the accounts, as a rise in transactions was inconsistent with the legitimate business of the Arena Group, and the payment instructions were given in furtherance of a substantial and wide-ranging fraud, according to the claim.
Liquidators have alleged the collapse resulted from the misuse of more than £280 million in COVID-19 loans, secured against broadcasting equipment which the liquidators allege either did not exit or was already subject to asset-backed lending. An ongoing criminal investigation into the business practices of individuals associated with Arena Television Ltd. and its linked entities was opened by the Serious Fraud Office in 2022.
Prior to entering liquidation in November 2021, Arena Group supplied OB equipment to broadcasters including BBC, ITV and Sky.
In 2022, Arena's liquidators brought a claim alleging Yeowart and Hopkinson were liable for misusing £282 million in taxpayer-funded loans during the pandemic period. They separately sued Nicholas Cousins, Arena's former finance chief and Sentinel Broadcast's owner, Paul Froom. Both have denied playing any part in the alleged conspiracy.
Liquidators of collapsed OB company sue Lloyds Bank
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The bank argued it should not be liable for processing payments linked to an alleged £1.2 billion fraud
