KPMG, the administrators of collapsed property company Lexi Holdings, has made progress in tracking down millions of pounds owed to creditors, TheBusinessDesk.com reported today.
An update filed by administrators Richard Fleming and Brian Green reveals that they are continuing legal action in Pakistan - where Lexi’s disgraced chief Shaid Luqman is thought to be having absconded from the UK last year - and have obtained a court order to freeze assets there.
They say: “The joint administrators are continuing proceedings in Pakistan and have obtained a court judgment recognising a world-wide freezing order in this jurisdiction. Proceedings are also ongoing in a number of other foreign jurisdictions.”
Fees and disbursements of £86, 604 were paid by KPMG to solicitors and investigators in relation to the continuing overseas investigations between early October 2011 and April 4 this year.
Lexi Holdings, a property financing firm, went into administration in October 2006 owing creditors more than £100m.
Court judgements have been made against Shaid Luqman and his father, brothers and sisters amounting to £260m. Luqman fled the UK last summer while wearing an electronic tag after breaching a court order by applying for a passport.
An arrest warrant has been issued by the police for Luqman, who has also already served several short prison sentences after civil action taken by the administrators in the Lexi case.
Last month KPMG has submitted an outline application to build up to 400 homes and around 180,000 sq ft of commercial space on a 47-acre brownfield site, formerly owned by Lexi, in Newton Heath, Manchester.
The progress report reveals that the administrators incurred time costs of £97,555 between October 2011 and April 4. KPMG has so far earned more than £7m from the Lexi case.
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