An article has been published on the Safe Or Scam website raising due diligence concerns and deliberate non-disclosure in attempts to raise $250m for a Green Swan Holding Bond.
An informant provided information that the Managing Director, and until very recently the 100% shareholder of Green Swan Holding Ltd, was acting as a front man for Simon Whittley-Ryan and that it was Simon Whittley-Ryan who owned and controlled the bond. The informant called the Managing Director, Andre Schut, a ‘window director’.
The reason why this is a concern is because Simon Whittley-Ryan has a history of failed companies behind him. When those companies have collapsed he has then failed to co-operate with the insolvency firms making it very difficult for them to trace where the investors’ money ended up.
The key points from the article are:
- Simon Whittley-Ryan has defaulted on interest and dividend payments for five companies. Four of them are in liquidation and he has not been co-operating with any of the insolvency firms. He also tried to persuade investors he had an operational Covid-19 research company at the height of the pandemic into which he was seeking investment. That was a scam.
- Two of his companies claimed to have cast-iron insurance policies to protect investors’ money. When the companies collapsed the insurance companies refused to pay out citing, in the case of Win River Ltd, “the company made deliberate and/or reckless material non-disclosures and/or misrepresentations to the Insurance Company when the WRL policy was negotiated and agreed. These related to Mr Simon Whittley-Ryan’s background and involvement in previous investment schemes”.
- Simon Whittley-Ryan is involved in court proceedings brought by one of the insolvency firms to force him to handover the records of the company which he has refused to do for two and a half years.
- Andre Schut of Green Swan also has a chequered financial history. The informant claims that he is owed millions by Andre Schut.
- Emails sent by Simon Whittley-Ryan to banks, prospective insurers and others involved in the bond show that he uses two names – Simon Ryan and Simon Whittley. He uses Simon Ryan with a Green Swan email domain and his emails are copied to Andre Schut’s Green Swan email address which suggests that Andre Schut is a collaborator in the deception.
- The informant claims to be aware of a Swiss bank account under the control of Simon Whittley-Ryan which the informant claims is money that belongs to UK creditors and has been hidden from them.
The article questions whether anyone can rely on insurance negotiated by Simon Whittley-Ryan or Andre Schut. If they have failed to disclose material facts then the insurance company will not pay out. It suggests some extra measures a potential buyer might want to consider such as personal guarantees from the directors.
Simon Whittley-Ryan has realised that his ability to take money from members of the public has been irreparably damaged and he is now using a fake name and hoping that institutional investors won’t pick up on his background in their due diligence process.
The full article can be viewed on this LINK.
