A shell company connected to troubled unregulated bond issuer MJS Capital has gone into administration.
MJSC Marketing Limited (it will not be lost on our readers that MJSC has the same initials as MJS Capital) was incorporated in October 2017 by Nigel Anthony Peck.
Nigel Peck was listed in MJS Capital’s investment literature as a member of the Advisory Board. His exact role was not specified.
On 25 October MJSC Marketing Limited was put into administration. Paul Cooper and Asher Miller of David Rubin & Partners have been appointed as administrators.
What role MJSC Marketing played in MJS Capital’s dealings is not clear. The company did not even survive long enough to file annual accounts. Even its SIC code is “82990 – Other business support service activities not elsewhere classified“.
Another business with a remarkably similar name has gone into liquidation. MJSC Investments Limited was incorporated in May 2015 as MJSC Retail Limited (a couple of months after the main MJS / Colarb company) and changed its name to MJSC Investments Limited on November 2016.
In July 2018, one of MJSC Investments’ creditors (logistics giant Kuehne + Nagel) petitioned the courts to liquidate the company, which was granted. Nobody turned up in court to represent MJSC Investments Limited. The company is currently in liquidation, with Dentons UK and Middle East LLP appointed as liquidators.
Despite the remarkable coincidence of the name, I have been unable to verify that MJSC Investments Limited is an MJS Capital company. The director and 90% shareholder at time of incorporation was Frenchman Philippe Vladimir Davso. In July 2016 Davso’ shareholding and directorship was transferred to Israeli Eliyahou Arama, who was 19 at the time.
I have been unable to connect either Davso or thrusting young business tyro Arama to MJS Capital in any other way, which is why I can’t verify that MJSC Investments Limited is an MJS Capital company. Still, quite a coincidence that it should share the MJSC badge and go bust at around the same time as MJSC Marketing.
MJSC Investments Limited’s last accounts (made up to May 2016) contain virtually no information other than it owed £1,543 to short term creditors.
For the sake of balance, I will emphasise that MJS Capital’s main business entity – i.e. Colarb Capital plc (MJS Capital plc before October 2018) remains an actively trading company according to Companies House.
MJS Capital disclosed in its 2017 accounts that it has used a shell company, MJS Cap Ltd, to “support banking requirements” , in reference to its “issues relating to freezing of accounts or difficulties opening bank accounts”. Neither MJSC Marketing nor MJSC Investments were mentioned in these accounts as far as I can see.
Both MJSC Investments and MJSC Marketing have been added to our watchlist and we’ll cover it here if the administrators release any further details.