9-year director's ban for boss of scam investment company: Vintage International Ltd, which collapsed in October 2012 with debts of around £1.2 million. Ofosuherne Ofori-Duah's Vintage International Ltd continued to trade for over a year despite being insolvent.
The company was set up in August 2008. Vintage used an accommodation address in Canary Wharf as well as high pressure sales tactics including cold calls. Clients were also substantially over-charged for their investments wines, so even those investors who received their wines are likely to have made a substantial loss. High initial prices compounded by a falling fine wine market.
The company was set up in August 2008. Vintage used an accommodation address in Canary Wharf as well as high pressure sales tactics including cold calls. Clients were also substantially over-charged for their investments wines, so even those investors who received their wines are likely to have made a substantial loss. High initial prices compounded by a falling fine wine market.
From the Insolvency Service:
'Mr Ofosuhene Ofori-Duah, the director of Vintage International Limited (“Vintage”), a company incorporated to provide wine investment services to clients, has been disqualified from acting as a director for a period of 9 years for causing Vintage to trade with undue risk to its clients.
The disqualification follows an investigation by the Insolvency Service’s Company Investigations Team in London.
Mr Ofosuhene Ofori-Duah, has given an undertaking to the Secretary of State for Business, Innovation and Skills that he will not act as a director of a limited company for nine years from 30 July 2014.
Vintage went into voluntary liquidation in October 2012 owing its clients £1,063,424 in respect of unfulfilled wine orders. Total assets available at the date of liquidation were estimated to realise £21,789 and the total shortfall including trade and other creditors was estimated to be £1,121,546.
Commenting on the disqualifications, Mark Bruce, a Chief Investigator at The Insolvency Service said:
“The director in Vintage failed to ensure proper corporate governance was in place to clearly monitor client orders and the financial position of the company.
'Mr Ofosuhene Ofori-Duah, the director of Vintage International Limited (“Vintage”), a company incorporated to provide wine investment services to clients, has been disqualified from acting as a director for a period of 9 years for causing Vintage to trade with undue risk to its clients.
The disqualification follows an investigation by the Insolvency Service’s Company Investigations Team in London.
Mr Ofosuhene Ofori-Duah, has given an undertaking to the Secretary of State for Business, Innovation and Skills that he will not act as a director of a limited company for nine years from 30 July 2014.
Vintage went into voluntary liquidation in October 2012 owing its clients £1,063,424 in respect of unfulfilled wine orders. Total assets available at the date of liquidation were estimated to realise £21,789 and the total shortfall including trade and other creditors was estimated to be £1,121,546.
Commenting on the disqualifications, Mark Bruce, a Chief Investigator at The Insolvency Service said:
“The director in Vintage failed to ensure proper corporate governance was in place to clearly monitor client orders and the financial position of the company.
“The Insolvency Service will always look to remove from the business community
those directors who act below the standards that should be expected of them
given the circumstances of their company’s trading.”
The Insolvency Service investigation found that at 30 June 2011 Vintage had unfulfilled client orders of at least £293,056, over half of which had been placed at least six months earlier. At this time, Vintage was insolvent and had insufficient funds available to purchase the necessary stock to meet those outstanding client orders.
Despite its insolvency, Vintage continued to take new client orders and between 1 July 2011 and the date of liquidation it took a further £917,410 from clients for wine purchases. By liquidation only £148,917 of these new client orders had been fulfilled.
Notes to Editors
The Insolvency Service investigation found that at 30 June 2011 Vintage had unfulfilled client orders of at least £293,056, over half of which had been placed at least six months earlier. At this time, Vintage was insolvent and had insufficient funds available to purchase the necessary stock to meet those outstanding client orders.
Despite its insolvency, Vintage continued to take new client orders and between 1 July 2011 and the date of liquidation it took a further £917,410 from clients for wine purchases. By liquidation only £148,917 of these new client orders had been fulfilled.
Notes to Editors
Vintage International Limited was
incorporated on 22 August 2008 and went into voluntary liquidation on 26
October 2012. Its registered office was 29th Floor, One Canada Square, Canary
Wharf, London E14 5DY.
Ofosuhene Ofori-Duah, also known as Ofo Duah, 35, of Greenwich, South East London gave an undertaking on 8 July 2014 to the Secretary of State not to be a director for 9 years. The disqualification commences on 30 July 2014. His date of birth is 18 May 1979.
A disqualification order has the effect that without specific permission of a court, a person with a disqualification cannot;
Ofosuhene Ofori-Duah, also known as Ofo Duah, 35, of Greenwich, South East London gave an undertaking on 8 July 2014 to the Secretary of State not to be a director for 9 years. The disqualification commences on 30 July 2014. His date of birth is 18 May 1979.
A disqualification order has the effect that without specific permission of a court, a person with a disqualification cannot;
act as a director of a company;
take part, directly or indirectly, in the
promotion, formation or management of a company or limited liability
partnership;
act as an insolvency practitioner; or
be a receiver of a company’s property.
In addition many other restrictions are placed on disqualified directors by other regulations.
Disqualification undertakings are the administrative equivalent of a disqualification order but do not involve court proceedings.
Further information on director disqualifications and restrictions can be found at: https://www.gov.uk/government/collections/information-about-company-director-disqualification'
In addition many other restrictions are placed on disqualified directors by other regulations.
Disqualification undertakings are the administrative equivalent of a disqualification order but do not involve court proceedings.
Further information on director disqualifications and restrictions can be found at: https://www.gov.uk/government/collections/information-about-company-director-disqualification'
Edited:
DeleteDear Jim
You’ve slightly misspelled the name with a surfeit of the letter “r”. The proper spelling of his name is Ofosuhene Ofori Duah, sometimes written with a hyphen, Ofosuhene Ofori-duah. His date of birth is 18/05/1979. He is also known as Ofo Duah. His younger brother is Kofi Ofori Duah (aka Kofi Ofori-duah), born 14/11/1980 in Stepney, London. Their family origin is Ghana.
Both brothers are graduates of the Andy Dunne / John Bevan academy of investment fraud in Bromley. The academy’s alumni include Scott Assemakis, Ken Gundlach, Deji Uthman, Mathew Collier, Michael Solle, Ian Vanderhook, Daniel Snelling, Stephen Allan, Malcom Hills, James Morrison, James Hewitt and Noel Surin (to name but a few).
Anon. Corrections made. Have edited your comment awaiting further evidence but details are noted. Many thanks Jim
ReplyDeleteDear Jim,
ReplyDeleteDo you have any news on Antony Savvas and Sanderson Forbes?
No sorry. Jim
Delete