Case details for USMAN YUSUF VAKA


Name: Loyal Taxi Ltd

Date of Birth: 18 / 1 / 1976

Date Order Starts: 24 / 11 / 2023

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 06170459

Last Known Address: Flat 9, Stoneleigh Manor, 30 Stoneygate Road, , , LEICESTER, LE2 2AD

Conduct: On 7 July 2020, Mr Usman Yusuf Vaka (“Mr Vaka”) caused Loyal Taxi Ltd (“Loyal”) to apply for a Bounce Back Loan (“BBL”) of £50,000 using overstated turnover figures, which resulted in Loyal obtaining a BBL that was at least £32,377 more than it was entitled to, 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 for the calendar year 2019. The turnover figure was self-certified by the applicant and the BBL funds could only be used to provide an economic benefit to the business and not be used for personal benefit. Loyal was incorporated on 19 March 2007 and began trading on or around that date. Mr Vaka was appointed as a director of Loyal on 27 April 2018 and became its sole director on 17 July 2018 Loyal’s Accounts for the year ended 31 March 2019 (final accounts submitted) disclose turnover of £70,494. These accounts were approved by the board on 6 May 2020 and signed on its behalf by Mr Vaka. Bank statements from 1 April 2019 to 31 December 2019 show receipts of only £2,000. On 7 July 2020, Mr Vaka applied for a BBL of £50,000 on behalf of Loyal declaring that its turnover for the calendar year 2019 was £200,000. Loyal received the BBL funds of £50,000 on 8 July 2020, which was at least £32,377 more than it was entitled to. Mr Vaka submitted an application to strike off the company on 28 July 2020. Between 22 July 2020 and 12 August 2020, £41,000 was transferred from the company’s bank account to a connected company. On 24 November 2020 Loyal was Dissolved and the BBL of £50,000 remains outstanding. 

This information is correct as at 8 / 11 / 2023

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