Liquidators Bid To Have Vashi Jewellery Boss Made Bankrupt - Beritaja

The jewellery tycoon, alleged to person orchestrated a £170m scam which defrauded a legion of able investors, will beryllium declared bankrupt if a bid by his erstwhile company's liquidators is successful.

Beritaja has learnt that insolvency practitioners successful complaint of probing the demise of Vashi, a luxury gem jeweller which had shops successful immoderate of London's about prestigious addresses, person served a statutory request connected its founder, Vashi Dominguez.

The demand, which is seeking the repayment of conscionable complete £17,500, is expected to beryllium made nationalist later this week, about 3 years aft the institution collapsed successful mysterious circumstances.

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Mr Dominguez, whose whereabouts person been unclear since the business was forced into liquidation, established the bespoke jeweller successful 2007, and attracted finance from salient City names including Lord Spencer, the ICAP founder, and John Caudwell, the Phones 4U billionaire.

He told shareholders that the company's banal of diamonds, purportedly worthy much than £150m, would enactment arsenic information for their investments.

Its inventory was subsequently weighted astatine conscionable £100,000.

Teneo, which has been successful the process of liquidating the institution and attempting to unafraid recoveries for creditors since April 2023, is understood to person served the statutory request successful the anticipation that it will lead to a bankruptcy petition against him.

Under the Insolvency Act, a statutory request acts arsenic a general informing announcement to repay a indebtedness wrong 21 days, aft which a creditor could activity to person the recipient declared bankrupt.

Some creditors person been near disappointment by the decisions of the Serious Fraud Office and Metropolitan Police not to analyse some the company's illness and the alleged actions of its founder.

Last month, The Times reported that the Financial Ombudsman Service had rejected further submissions from investors successful narration to Vashi, saying that they had not produced "definitive grounds that a scam had taken place".

Teneo declined to comment, while Mr Dominguez could not beryllium contacted by Beritaja.