Case details for Kaisser Sharif

Name: Kaisser Sharif

Name: KAI FINANCE AND PERFORMANCE LTD and KAI AUTOMOTIVE LTD

Date of Birth: / /

Date Order Starts: 19 / 12 / 2024

Disqualification Length: 11 years Years 0 Month(s)

CRO Number: 11084516

Last Known Address: 5 Oak Vale, West End,, , , , SOUTHAMPTON,, SO30 3SE

Conduct: Kai Finance & Performance Limited Kaisser Sharif (“Mr Sharif”) caused Kai Finance and Performance Ltd (“Finance”) to apply for a Bounce Back Loan (“BBL”) totalling £50,000 using overstated turnover figures, which resulted in Finance obtaining a BBL that was £46,393 more than it was entitled to. Furthermore, Mr Sharif failed to use the BBL funding for the economic benefit of Finance, contrary to the terms of the BBL scheme. 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. The turnover figure was self-certified by the applicant. The turnover figure required was that for the calendar year 2019 or where a business was established after 01 January 2019 it is their estimated turnover. The terms of the BBL scheme stated that the BBL was to be used only for the economic benefit of the business, used wholly for business purposes • Finance was incorporated on 27 November 2017. Mr Sharif was appointed as he was the sole director throughout trading. • Accounts for the year ending 31 August 2019 show turnover of £2,150. Between 01 September and 31 December 2019, turnover through the bank account was £12,277. Based on the turnover of £14,427, Finance was eligible for a maximum BBL of £3,607. • On 14 May 2020, Mr Sharif applied for a BBL of £35,000 having stated that Finance’s turnover was £220,000. • The BBL proceeds of £35,000 were paid into Finance’s bank account on 15 May 2020. • On 12 January 2021 Mr Sharif applied for a top-up BBL of £15,000 having confirmed on 14 May 2020 that Finance’s turnover was £220,000. • The BBL proceeds of £15,000 were paid into Finance’s bank account on 14 January 2021. • Between 15 May 2020 and 26 February 2021, Finance received trading credits of £15,451 and monies transferred from Kai Automotive Ltd (“Automotive”) of £33,620 • Between 15 May 2020 and 26 February 2021 sums totalling £82,276 were paid a connected party for consultancy work, however Mr Sharif has not substantiated how these payments were of economic benefit to Finance. • Finance entered Creditor’s Voluntary Liquidation on 31 August 2022 • At liquidation, the BBL of £49,026 remained unpaid. KAI Automotive Ltd Mr Sharif caused Kai Automotive Ltd (“Automotive”) to apply for a Bounce Back Loan (“BBL”) totalling £50,000 using overstated turnover figures, which resulted in Automotive obtaining a BBL that was not entitled to. Furthermore, Mr Sharif failed to use the BBL funding for the economic benefit of Automotive, contrary to the terms of the BBL scheme. 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. The turnover figure was self-certified by the applicant. The turnover figure required was that for the calendar year 2019 or where a business was established after 1 January 2019 it is their estimated turnover. The terms of the BBL scheme stated that the BBL was to be used only for the economic benefit of the business, used wholly for business purposes. • Automotive was incorporated on 31 December 2019. Mr Sharif were appointed as the sole director throughout trading. • A bank account was opened on 01 March 2020 • On 07 July 2020, a transfer of £4,420 was made from Finance to Automotive. • On 20 July 2020 Mr Sharif applied for a BBL in the sum of £47,000 having stated that Automotive’s turnover was £220,000 • On 21 July 2020 the sum of £47,000 was credited to Automotive’s bank account. • On 26 January 2021 Mr Sharif applied for a top-up BBL of £3,000 having confirmed on 20 May 2020 that Automotive’s turnover was £220,000. • No credits were received from trading activities throughout trading. • Between 03 August 2020 and 07 December 2020, sums totalling £ 27,000 were transferred to Finance. • Between 03 August and 07 December 2020, sums totalling £19,000 were paid to connected parties. Mr Sharif has not substantiated how these payments were of economic benefit to Automotive. • Automotive entered Creditor’s Voluntary Liquidation on 31 August 2022 • At liquidation, the BBL of £50,000 remained unpaid. 

This information is correct as at 28 / 11 / 2024



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