Director Faces Maximum Ban for Falsely Applying to Councils for Business Grants
In a reminder of the consequences of misusing pandemic support funds, Richard Oliver, former director of Exact Data Trading Co. Ltd, has been banned for 15 years – the maximum period allowed under the law. This severe penalty comes after Oliver fraudulently obtained £145,000 in Covid support scheme funds.
He initially exploited the Small Business Grant Fund, falsely securing £95,000 from local authorities. Between June and July 2020, Oliver applied to at least 21 local authorities, falsely claiming to be registered for business rates to receive grants. To support these applications, he provided fraudulent documentation, including fabricated bank statements and leases. Oliver also took advantage of the Bounce Back Loan Scheme. He obtained a £50,000 loan by providing misleading information about his company’s financial status, falsely declaring a turnover of £220,000 when, in fact, no trading income was recorded during this period.
Despite its alleged business activities, his company went into liquidation in December 2020, shortly after receiving the fraudulently obtained funds.
Oliver received severe consequences for his actions. On August 6, the High Court in London ordered his disqualification for the maximum period of 15 years. Effective on August 28th, this ban prevents him from any involvement in company promotion, formation, or management without direct permission from the court.
Here is what Neil North, Chief Investigator at the Insolvency Service, had to say about Oliver’s misconduct:
“Richard Oliver caused his company to deliberately exploit not one but two support schemes designed to help small businesses during the early days of the Covid pandemic. We will not tolerate such abuse of public money… This outcome should send a strong warning to other directors that we will take robust action against any misconduct we find.”
As businesses continue to recover from the pandemic’s impact, this case underscores the importance of ethical leadership and honest financial practices, even at the most challenging of times. It also acts as a powerful reminder to company directors about the tough consequences of fraudulent activities, especially those exploiting public funds meant for genuine business support during crises.
This information was taken from the official gov.uk website.