MR SAMEEM RIAZ

Disqualified from

2025-04-28

Date of birth on record

May 1970

SVZS SWEET TOOTH LIMITED (SVZS) On or around 05 May 2020 Mr Riaz caused SVZS to apply to its bank for a Government-backed bounce back loan (‘BBL’) in the sum of £45,000 for which it was not eligible by providing false or knowingly inaccurate information concerning SZVS’s turnover and to fail to use the BBL in its entirety for the economic benefit of SVZS, contrary to the terms and conditions of the BBL scheme, in that: • The terms of the BBL scheme were such that an applicant company could obtain a loan of up to 25% of its turnover for the 2019 calendar year if it had been trading before 01 January 2019 or of its estimated annual turnover if trading began after 01 January 2019, up to a maximum value of £50,000, and any BBL provided was to be used wholly for the benefit of the applicant company and not for any personal use. • SVZS began trade in 2018. • According to SVZS’s bank statements the company received trade credits in 2019 of a total of £81,913. The maximum BBL to which SVZS was entitled was therefore £20,478. • Mr Riaz made an application to SVZS’s bank on or around 05 May 2020 for a BBL of £45,000, stating that turnover for 2019 had been £180,000. • On 06 May 2020 the BBL of £45,000 was received into SVZS’s business current account, producing a credit balance of £49,717. Before any further credits were received into the account and after payments totalling £18,300 had been made to third parties, Mr Riaz caused SVZS to make a payment to himself of £6,000. • Mr Riaz has stated that any BBL monies paid to himself served to reimburse him for expenses met on SVZS’ behalf but has provided no evidence that he met such expenses from personal funds. S&S Sweet Tooth Ltd On or around 14 May 2020 Mr Riaz caused S&S to apply to its bank for a Government-backed bounce back loan (‘BBL’) in the sum of £40,000 for which it was not eligible by providing false or knowingly inaccurate information concerning S&S’s turnover and to fail to use the BBL in its entirety for the economic benefit of S&S, contrary to the terms and conditions of the BBL scheme, in that: • The terms of the BBL scheme were such that an applicant company could obtain a loan of up to 25% of its turnover for the 2019 calendar year if it had been trading before 01 January 2019 or of its estimated annual turnover if trading began after 01 January 2019, up to a maximum value of £50,000, and any BBL provided was to be used wholly for the benefit of the applicant company and not for any personal use. • S&S began trade in July 2019 and was therefore entitled to provide an estimate of annual turnover. • According to S&S’s bank statements the company received trade credits in the ten months between 22 July 2019 and 14 May 2020 of a total of £48,434, a monthly rate of £4,843. An estimate of turnover for twelve months of £58,120 would have entitled S&S to a maximum BBL of £14,530. • Mr Riaz made an application to S&S’s bank on or around 14 May 2020 for a BBL of £40,000, stating that estimated annual turnover for 2019 had been £160,000. • On 16 May 2020 the BBL of £40,000 was received into S&S’s business current account, producing a credit balance of £40,894. Before any further credits were received into the account, Mr Riaz caused S&S to make two payments to himself of £5,000 each marked ‘loan return’.