Liquidators of collapsed Arena Television launch lawsuit against British banks

The liquidators of collapsed broadcaster Arena Television have launched a civil claim against Lloyds Bank and Bank of Scotland.

Back in November 2021, broadcaster Arena Television went into administration after collapsing with debts of £280m following allegations of alleged fraud.

The broadcasting company is suspected of concocting thousands of fake assets, in order to score nearly £300m in loans. The collapse left some 50 lenders, including NatWest, Virgin Money UK and Close Brothers, millions out of pocket.

The company and individuals associated with it are currently under investigation by the Serious Fraud Office (SFO) after it launched its probe back in February 2022. The SFO is being supported by the National Crime Agency (NCA) which led to two individuals arrested and questioned.

Once one of the biggest UK outdoor broadcasting firms – now riddled with a scandal – has seen its two former bosses Robert Hopkinson and Richard Yeowart standing trial last June in France for money laundering and using false documents.

Now the liquidators at Kroll Advisory have launched fresh civil legal action against Lloyds Bank and Bank of Scotland. The Bank of Scotland is part of Lloyds Banking Group.

The claim was filed last week to the Commercial Court of the High Court by litigation boutique Stewarts. According to court records, the case is listed as a Part 7 claim over general commercial contracts and arrangements.

This is not the first civil claim the liquidators have issued as back in 2022 a claim was issued against Nicholas Cousins, who had a senior financial role at Arena, and Paul Froom, the former owner of a broadcasting equipment company, Sentinel Broadcast. While in 2021, the liquidators sued former bosses Hopkinson and Yeowart.

Lloyds Banking Group have been approached for comment.

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