MR Riaz ALAM

Disqualified from

2023-12-21

Date of birth on record

July 1968

Riaz Alam “Mr Alam” overstated turnover figures which resulted in Objex Consultancy Limited (“Objex) obtaining a BBL that was at least £11,316 more that it was entitled to, and following receipt of the BBL, £32,989 was transferred to Mr Alam from the proceeds with no apparent economic benefit to Objex, in breach of the BBL Terms and Conditions, in that: Under the BBL scheme businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of up to 25% of turnover. The turnover figure required was that of the calendar year 2019 or where a business was established after 1st January 2019 it is their estimated turnover. Objex was incorporated on 13th August 2015. Mr Alam was appointed sole director of Objex from 13th August 2015 to 31st October 2021. Mr Alam applied for a BBL of £50,000 on behalf of Objex declaring its estimated turnover for the calendar year 2019 was £210,000. Objex was not entitled to rely on estimated turnover in the BBL application as it was established before 1st January 2019. Objex’s year end Accounts to 31st July 2019 show that actual turnover was £154,735, therefore Objex was entitled to apply for a maximum BBL of £38,684. Objex received the BBL funds of £50,000 on the 9th July 2020. Between 4th August 2020 and 10th September 2020, £41,000 was transferred to Mr Alam, of which £32,989 is attributed to the BBL with no apparent economic benefit to Objex. There is no other income shown in the bank statements for Objex in this time period. Mr Alam claims that most of the BBL proceeds were used for Software Development, but has not provided any evidence of this. Total liabilities at liquidation amount to £118,035 of which £50,000 is in respect of the BBL. Mr Alam is not shown as a creditor.