Westway Holdings Scam Letter

Westway Holdings Scam Letter

A Westway Holdings scam letter has been sent to investors.  Westway Holdings Ltd is in administration.  MacIntyre Hudson and Quantuma LLP have been appointed as Joint Administrators as can be seen on this link.

The Westway Holdings scam letter is nothing more than an attempt to gather investors’ bank account details and to scam more money from them.

Here is the text of the letter:

Dear Clients,

It is with deep regret that we write to inform you of our impending liquidation.  Due to the current COVID-19 pandemic that we all find ourselves in the midst of, our ability to sustain and grow the company has been thwarted, despite our best efforts.  With a large amount of company funds wrapped up in un-operational sites, underperforming properties and un-finished developments, our ability to generate capital in order to credit clients their long overdue interest payments alongside principal bond values has been limited.  This has been further compounded with several in house redundancies, as well as the furlough of several staff members and outsourced partners; and inevitably we must face the conclusion of filing for liquidation.

At present we have filed for voluntary administration which means that we are no longer in a position to act as developers or investors of Supported Housing within the property market.  Throughout our existence we have made it our ethos to provide unparalleled customer service to our investors, ensuring that our dividends were paid on time and that upon maturity dates, bonds were repaid in full.  This duty of care is something that we intend to continue despite our impending demise and therefore we are urging all existing clients who still hold bonds with us to contact us immediately in regard to redeeming your investment.

Please be aware that due to the strain that this unprecedented time has had on our company, our cash flow is at an all-time low with only around £2,500,000 available as liquid funds; as a result of this we cannot guarantee that every client will be successful in receiving their principal investment ahead of us going into formal liquidation and therefore we are requesting that you contact us urgently in relation to the above.  We will be tackling this on a first come first served basis, as we deem this to be the only fair method we have at our disposal.

Failure to act proactively will result in your principal investment value and any owed interest dissolving with us as a company when we go into full liquidation, resulting in you being owed nothing upon your now elapsed or future maturity date.

If this applies to you, please contact us urgently on 0203 488 3242 in order to discuss your options.

Yours sincerely,

Mr Joseph Griffin

Director 

This is a follow-on-fraud.

Joseph Griffin, or the person pretending to be him, has no money to disburse.  All company bank accounts are controlled by the Joint Administrators.  If there is a secret bank account with £2.5m in it (there isn’t) then it would be a criminal offence not to declare it.

Any money disbursed from that account to investors would be immediately reclaimed back from the investors’ bank accounts by the Joint Administrators.  Put simply, there is no secret bank account with £2.5m ready to be disbursed by Mr Griffin or anyone else.

Neither Joseph Griffin nor anyone associated with Westway Holdings Ltd has any power to liquidate the company.  That power lies with the Joint Administrators.

So, all things considered, this letter is total garbage and should be ignored by investors.  Anyone who responds to it is likely to find themselves receiving quite a lot of follow-on-frauds and unsolicited “investment opportunities” over the coming years.  That’s how these scammers work.

To see our previous article on Westway Holdings please click here.