Jailed property financier Shaid Luqman has been found liable for the full £100m claim against him by the creditors of his former company , Lexi Holdings.
Today KPMG, who is acting for Lexi’s creditors led by Barclay’s Bank, successfully applied for a default judgement against Luqman.
This means that the High Court judge will deliver judgement against Luqman for the whole of the claim – even though Luqman will not be able to defend himself.
Luqman was debarred from defending himself after he was jailed for eighteen months, which has since been increased to two years, for breaching court orders and misleading the court.
The judge, Mr Justice Briggs, said provision should be made for Luqman to see all the evidence against him and, if he wishes, argue in court that he should be able to make representations.
‘It’s for him to come back to court and argue that he should be allowed to make representations in court,’ he said. ‘He may be debarred but he should know what the case is.’
The case has centred around more than £100m in loans that were given to Luqman to set up a bridging loans company.
The money was then allegedly moved into personal bank accounts before Lexi Holdings went bust.
