Case details for Masselle Thomas Mayombo

Name: Masselle Thomas Mayombo

Name: VENTURES4LIFE LIMITED

Date of Birth: 7 / 5 / 1955

Date Order Starts: 10 / 12 / 2024

Disqualification Length: 13 years Years 0 Month(s)

CRO Number: 12101953

Last Known Address: 44 Union Street,, , , , BARNET,, EN5 4HZ

Conduct: Masselle Thomas Mayombo caused Ventures4Life Limited to make an application for a Government-backed Bounce Back Loan (“BBL”) of £49,000 knowing that the eligibility criteria had not been met, in that: • The BBL scheme rules allowed businesses to receive a loan of up to 25% of their annual turnover, which businesses would self-certify when completing the BBL application. • The company’s accounts for the period 15 July 2019 (date of incorporation) to 31 July 2020 give no turnover details and show a net loss of £410. • An analysis of the bank statements for the company’s first bank account for the period 1 July 2019 to 30 June 2020 shows income into the company’s bank account for July 2019 of £1,020 and in August 2019 of £2,874.27. There are no other payments into the bank account. • An analysis of the bank statements for the second company bank account for the period 31 July 2020 to 17 June 2021 shows income of £49,000 on 31 July 2020, being receipt of the BBL. No further payments were made into this account. • The analysis of the second bank account shows that the account was opened with the deposit of the £49,000 BBL and received no other deposits. • However, the BBL application form gives the annual turnover as £196,000 and consequently the company received £49,000 on 31 July 2020. • In the application form Dr Mayombo confirmed that the business was adversely impacted by Covid-19, that the company was carrying on its business on 1 March 2020 and was engaged in trading or commercial activity in the UK at the date of the application. The company’s accounts to 31 July 2020 give no turnover details. The bank statements show the only income was £1,020 in July 2019 and £2,874.27 in August 2019. No income was received after this date until the date of receipt of the bounce back loan and the trading status of the company as at 1 March 2020 is unknown. • By signing the application form Dr Mayombo agreed to use the credit granted only to provide economic benefit to the business, providing working capital or investing in the business and that it would only be used for business purposes and not personal purposes. • Following receipt of the £49,000 BBL on 31 July 2020, between 8 and 27 August 2020, payments totalling £48,500 were made to M T Mayombo, and a further £500 cash was withdrawn from the account between 10 and 11 June 2021. These payments were not for the economic benefit of the business 

This information is correct as at 4 / 12 / 2024



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