Stephen Hinchcliffe struck an oral agreement to pay a southLondon businessman 10% of any bank financing he obtained to build his company, receivers to Facia said.
The head of the collapsed Facia group struck the agreement just before the collapse of his previous business. It was with Robert Leckie, based in Colliers Wood. The receivers have so far identified payments of £176,000 to Lion Properties, £150,000 to Jersey-based Boroko Investments and £411,000 to Marvic Investments.
Lawyers for Mr Leckie says the payments were normal Citypractice.
- Financial Times 05/11/96 page 25
- Daily Telegraph 05/11/96 page 26
