BADJIE AUTOS LIMITED

Kingsley Badijie KOBLA

November 1981

Disqualified from being a director because of their conduct for the period of

10 Years 0 Month(s)

Disqualification starts from

22 June 2022

Improper conduct which resulted in their disqualification

In June 2020 Kingsley Badijie Kobla (“Mr Kobla”) caused Badjie Autos Limited (‘Badjie’) to apply for and obtain a government backed Business Bounce Back Loan (“BBL”) totalling £45,000 for which it was not eligible by providing false or knowingly inaccurate information and did not use the entirety of the monies obtained for the economic benefit of the Badjie, contrary to the terms of the loan. These actions constitute a misuse of the Covid business support finance scheme. In that: Application – criteria and miss-statements 1.1 In submitting Badjie’s BBL application, he declared on its behalf that its turnover in 2019 was, or was expected to be, £190,000 and that it qualified for a loan of £45,000 on the basis that that latter sum was equal to or less than 25% of its annual turnover. 1.2 According to Badjie’s financial statements for the year to 30 November 2019, turnover in that period had been £43,466; 1.3 According to the company’s bank statements, credits of £5,115 were received into the account in December 2019. Misuse of monies obtained contrary to terms of BBL 1.4 In submitting Badjie’s application for the BBL, he declared that “I/we undertake to use the credit granted on the basis of this agreement only to provide economic benefit to my/our business, for example, providing working capital, or investing in my/our business. I/we also confirm that the Bounce Back Loan will be used wholly for business purposes and not personal purposes”; 1.5 Badjie’s bank account had a credit balance of £2,515 immediately prior to receipt of the loan monies of £45,000; 1.6 Between 30 July 2020 and 9 October 2020 he caused Badjie to make payments totalling £13,999.99 to a third party for whom there is no evidence of any business connection to the company; 1.7 On 26 March 2021 he caused Badjie to make a payment to himself of £26,000, reducing its credit balance in the company bank account from £26,455.28 in credit to £455.28; 1.8 Between receipt of the loan monies and liquidation, Badjie received credits into its bank account of only £9,110. 1.9 The Statement of Affairs signed by him on 14 June 2021 shows the BBL lender as a creditor for the full value of the loan monies i.e. £45,000.