A London retailer has been disqualified from running a business after receiving Bounce Back Loan fraudulently.
David Ocaya Okot from Deptford, South East London, received an 11-year disqualification, preventing him from directly, or indirectly, becoming involved in the promotion, formation or management of a company, without the permission of the court.
The 40-year-old was the sole director of B&S News Ltd, which traded as a newsagent and convenience shop, B&S Newsagents, on Manor Lane in Lewisham, London.
Okot purchased the shop in 2014 and ran it successfully until 2020 when increased competition in the area and rising costs meant that the business was no longer viable. The shop closed in January 2020 after failing to find a buyer.
Investigators, however, uncovered that Okot successfully applied for a £50,000 Bounce Back Loan for B&S News Ltd in July 2020, despite being ineligible as the government-backed loan was only available for businesses trading during pandemic. This was after the company had stopped trading.
Further enquiries found that he caused B&S News Ltd to transfer close to £50,000 from the company bank account into his personal account. The former convenience store owner said he was looking to relocate the business with the money but investigators found no evidence to support this claim.
