Insolvency is a license to defraud – Circa £4 billion in assets that just “disappeared” without a trace in the hands of Grant Thornton trustees David Ingram and Richard Hicken who were entrusted to act as fiduciary trustees in bankruptcy of the vast estate of Scot Young. Intelligence UK was commissioned over three-years to investigate the case, in which we conclude that the trustees and their legal advisors were colluding with members of the judiciary, orchestrating bankruptcies designed to deprive creditors of their assets. The assets were always within easy reach, yet Grant Thornton allege to have made no recoveries whatsoever.
One of the most high profile divorce cases in the history of the UK encompassing a most serious conspiracy to defraud by judicial, insolvency office holders and lawyers who abused their positions of trust for financial gain. With all fingers pointing to the motive for murder, also being financially led, Mr Young died in highly suspicious circumstances, the police covered it up. Widely publicised, it is believed that the murder of Mr Young is connected to that of his wealthy friends, who were all killed in similarly suspicious circumstances. Grant Thornton just so happened to be the trustee in Mr Berezovsky’s bankruptcy, a co-incidence or something far more sinister?
Irrefutable documentation from Mr Young’s computer in 2008, a hugely successful entrepreneur, shows a total value of his asset portfolio in excess of £800 million pounds. This was however, only a fraction of his true wealth, with the estate estimated to be valued at over £4 billion.
Mr Young concealed his vast wealth during divorce proceedings and he, along with his colleagues orchestrated his own bankruptcy, hiding assets in offshore entities to evade paying his wife half the true value of his estate.
Mr Young put his faith in the wrong parties
In summary of the case, Mr Young put his faith in the wrong parties. Stephen David Jones, a lawyer who was entrusted to assist Mr Young in concealing his wealth, had, we have reason to believe, colluded with David Ingram and Richard Hicken of Grant Thornton, with whom he had a long-established relationship going back to Mr Young’s telecommunications companies wherein they acted as auditors. Jones was jailed in August last year for defrauding a property investment company of over £10 million in an unrelated scam.
Ms Young was awarded a mere £26.6 million out of the vast estate, plus half of the value of the assets of Mr Young’s estate recovered by the bankruptcy trustees. The problem is, none of those assets were ever recovered, they appeared to “disappear” without a trace. Ms Young was very soon stripped of her judgment debt, a case of giving with one hand and taking back with another.
Fundamentally, the case is surprisingly simple. The later bankruptcy of Michelle was founded by a legal fiction, orchestrated by Ingram & Hicken, the joint trustees of Mr Young’s bankruptcy wherein they sought, in breach of their fiduciary duty, to use insolvency law, with its principle function of recovering assets for creditors of insolvent estates, as a means of sequestrating Ms Young from her democratic rights as otherwise majority creditor of Mr Young’s estate. They went after the £26.6 million judgment in her favour.
Ingram and Hicken were bizarrely making enquiries as to the status of Mr Young’s life insurance policies in 2010. Surely they would have known that a life insurance policy is of no benefit to the policyholder.
David Ingram of Grant Thornton LLP – One of the Joint Trustees of Mr Young’s bankruptcy estate
Mr Young was adjudged bankrupt in April 2010 after it is believed that he concealed his assets offshore and in a number of UK companies of which is shareholdings were held by fiduciary agents on his behalf.
Mr Young was killed in highly suspicious circumstances in November 2014 after being found impaled on railings outside his penthouse at 33 Montagu Square, Marylebone, London.
Mr Ingram and Mr Hicken were both insistent in their enquiries with Zurich in 2010 and 2011 in attempting to have Zurich, the insurer, sign over the interest in the life insurance policies to them. The value of the life insurance policy was over £1.2 million, capital of which was placed in a discretionary trust of which Ms Young and her two daughters were beneficiaries.
After being told specifically by Zurich in 2010 and 2011 that the policy was in a discretionary trust for Ms Young and her two daughters, following the death of Mr Young, Ingram and Hicken held back the terms of the policy they were aware of.
In June 2015, Ingram and Hicken bankrupted Ms Young for an alleged debt founded by their challenge to an annulment of Mr Young’s bankruptcy, an application in which they were supposed to remain neutral and impartial.
In full knowledge that the life trust capital would have been paid quickly to satisfy the Joint Trustee’s alleged petition debt, Ingram and Hicken bankrupted Ms Young to defraud her of her democratic rights as majority creditor by virtue of the £26.6 million judgment awarded in her favour.