Directors Banned For Abusing COVID Loan Scheme

By Najiyya Budaly (November 15, 2021, 2:42 PM GMT) -- Two former directors have been banned for a total of 19 years for fraudulently taking £200,000 ($269,000) in financial assistance during the pandemic to buy a Rolex watch and other personal items, a government agency said on Monday.

The Insolvency Service said that the Business Secretary has accepted a disqualification undertaking from Muneef Ihsan and Mahir Towid Ul Haque after they did not dispute that their companies had never traded and so were not eligible for loans that the government had made available for businesses that were struggling during lockdowns. Ihsan has been banned from forming or managing a company for...

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