Latest news with #BounceBack
Wales Online
3 days ago
- Business
- Wales Online
Company boss pocketed £150,000 in fraudulent Covid business loans
Company boss pocketed £150,000 in fraudulent Covid business loans A judge told Zahid Afzal that at a time of national emergency the government had set up a system to help businesses which he had abused A company boss fraudulently obtained £150,000 in loans designed to help businesses hit by the Covid pandemic, a court has heard. Zahid Afzal made two legitimate applications for "Bounce Bank" loans but then used his knowledge of the application process to acquire three more loans he was not entitled to. A judge at Swansea Crown Court told the defendant that at a time of national emergency the government had set up a system to help businesses which he had abused to obtain loans he was not entitled to. Harry Dickens, prosecuting, told the court that the UK government established "Bounce Back" loans to help small and medium businesses during the coronavirus pandemic, and that the scheme allowed companies to borrow between £2,000 and £50,000 at a low interest rate. He said the defendant made two legitimate applications for his companies Phones Onn and Phone Bits Ltd to HSBC and NatWest respectively, and the applications were successful. However, he said Afzal subsequently made three more applications to Lloyds, Starling, and Metro Bank during 2020 for the same phone companies and in each case falsely declared there had been no previous applications for those firms. The court heard the defendant also inflated the turnover figures of the firms in order to access the maximum £50,000 loan amounts. Article continues below The prosecutor said the three loan applications were successful and a total of £150,000 was paid into the companies' accounts, much of which was subsequently transferred out into personal accounts. Zahid Afzal, aged 37, of Albert Street, Haverfordwest, Pembrokeshire, had previously pleaded guilty to three counts of fraud by false representation when he appeared in the dock for sentencing. He has no previous convictions. Jon Tarrant, for Afzal, said the defendant employed eight people, and said six of those needed the employment to maintain their UK visas. He said the father-of-three was a successful businessman who had established himself in a positive light to many people but that position "has now been reversed". He said the defendant's remorse for his "unwise decisions" had been "palpable" during their conferences. For the latest court reports sign up to our crime newsletter Judge Catherine Richards said at a time of nation emergency the UK government had established a system to help businesses that was paid for by society and which "relied on the trust and confidence that each gives the other as a member of this society". She told Afzal he had deliberately abused that by applying for loans he knew he was not entitled to and which, ultimately, were not for business use. The judge said while she had no doubt the offending justified immediate custody she was concerned that "the public finances are not further prejudiced" by Afzal's actions. She also said she was mindful of the impact of immediate custody on others. With one-quarter discounts for his guilty pleas Afzal was sentenced to two years in prison suspended for two years and was ordered to complete 300 hours of unpaid work. A proceeds of crime investigation will now be launched into the defendant's finances. Article continues below The prosecution barrister said he wanted to out the court on notice that a written application would be made for a restraint order to be made in respect of the defendant's personal Santander bank account which currently contains some £74,000.
Yahoo
17-05-2025
- Sport
- Yahoo
PICTURES: Kip Marina hosts first major event of Scotland's new sailing season
SAILORS from all over Scotland headed to the Clyde for the first major event of the new sailing season - the annual Kip Regatta. A total of 32 small boats sailed into Kip Marina to compete in a weekend of racing in the Haven Knox-Johnston Kip Regatta. Across the six different classes, boast were up against others of an equal speed and size, with each class racing for historic trophies presented by the Royal Western Yacht Club. (Image: Contributed) (Image: Contributed) Prizes were up for grabs from race sponsors Helly Hansen, Gill, Tunnocks, Dubarry and Kingfisher along with the prestigious RWYC silverware. The overall winners of each class were Sapphire (CYCA 2), Close Encounters (CYCA 4), Bounce Back (Etchells), Salamander XXII (IRC 1), Headhunter (IRC 3), and Inclusion (two-handed). The champion's crown for the overall winner of the regatta went to the crew of Sapphire, from Helensburgh, who were the best performing yacht of the weekend after winning all four of their races. (Image: Contributed) (Image: Contributed) The Royal Western Yacht Club, which promotes small boat sailing on the Clyde, has been involved in running the regatta since the 1980s and said this year's weather was perfect for sailing. A spokesperson said: "The racing was held off the waters of Inverkip which on the Saturday offered the perfect racing conditions. "The steady breeze, glorious sunshine and clear waters enabled three tight races to be held. (Image: Contributed) "The Sunday was a different day, with a shifty light northerly breeze offering different tactical options for the yachts, and one race was completed on the Sunday morning. "We were once again pleased to work alongside Kip Marina to deliver a successful regatta which was enjoyed by the local and visiting yachts." Kip Marina thanked all the competing boats, crews, and race committees for another fantastic event and said they were already lookijng forward to seeing everyone again next year.
