Name: Anas Al Jaghasi

Name: Glazed Ltd

Date of Birth: 10 / 1 / 1989

Date Order Starts: 8 / 4 / 2024

Disqualification Length: 10 Years 0 Month(s)

CRO Number: 09538203

Last Known Address: 191 Upper Richmond Road West, , , , London, SW14 8QT

Conduct: On or around 28 May 2020 Mr Anas Al Jaghasi (“ Mr Al Jaghasi” ) caused Glazed Limited (“Glazed”) to overstate its turnover when applying for a Government-backed bounce back loan (‘BBL’), it therefore received at least £18,543 to which it was not entitled. Further Mr Al Jaghasi failed to use the entirety of the BBL proceeds for the economic benefit of the company contrary to the rules of the BBL scheme. In that: • The scheme enabled a business to obtain a BBL of up to 25% of a business's turnover for the calendar year 2019, to a maximum amount of £50,000. • According to financial statements produced by Glazed’s accountants turnover for the years ended 30 April 2019 and 30 April 2020 had been £37,448 and £7,172 respectively • The company bank statements show credits into its account of £25,828 in the 2019 calendar year. Glazed was therefore entitled to a BBL of a maximum of £6,457 but received £18,543 in excess of that. • On or around 28 May 2020 Mr Al Jaghasi submitted a BBL application to Bank A for a loan of £25,000 and stating that Glazed’s turnover for 2019 had been £100,000. The application was approved. • The BBL application included a declaration that: “I/We undertake to use the credit granted on the basis of this agreement only to provide economic benefit to my/our business, for example, providing working capital or investing in my/our business. I/We also confirm that the [BBL] will be used wholly for business purposes and not personal purposes”. • The subsequent BBL agreement signed by Mr Al Jaghasi on 2 June 2020 included an obligation to use the loan only for the purpose of “business expenditure wholly for the purposes of a business carried on by [Glazed]” • The BBL monies entered Glazed current business account with Bank A on 3 June 2020 when a credit balance stood on the account in the sum of £1,046. • The following criticised withdrawals were made between receipt and dissipation of the BBL proceeds ( 03 – 22 June 2020) ; 12.06.20 – cash withdrawal - £10,000 12.06.20 – transfer to Mr Al Jaghasi - £6,000 22.06.20 – transfer to Mr Al Jaghasi - £10,000 • In the same period additional credits totalling £690 were received into the account., meaning that at least £24,264 of the BBL proceeds were utilised for the criticised payments. • Mr Al Jaghasi states that the cash withdrawal and the payments to himself totalling £26,000 represented part repayment of monies he had spent on Glazed’s behalf. No evidence in support of this claim has been received from Mr AI Jaghasi. • No repayments were made to Bank A in respect of the BBL prior to Glazed’s entry into liquidation, when £25,000 plus interest remained outstanding. 

This information is correct as at 19 / 3 / 2024

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