A group of three London companies, Genz Holdings Ltd, Gafo Me UK Ltd and Greens LD Ltd, reportedly having combined worldwide assets of over 445 million including an international airline business, have been ordered into liquidation in the public interest following an investigation by the Insolvency Service.

The investigation found that each company had filed false accounts at Companies House.

Genz operated a website www.genzholdings.co.uk which claimed the creation of the Group had been an:

extraordinary journey, one that had taken the management from heading a small company that imported and distributed foodstuff in 1948 to now chairing the board of directors of a globally recognized conglomerate of some thirteen companies that was managed by a team of professionals who had built an experience as managers and entrepreneurs in the most diversified industries, construction, aviation, foods, telecom and energy.

Gafo operated a website www.gafo.me.uk with a drop down menu with links to its subsidiary businesses Gafo Air, Gafo Aviation, Gafo Beity, Gafo Construct, Gafo Energy, Gafo Foods, Gafo Pro and Gafo Telecom.

Greens operated a website www.gtctelecom.net describing itself as one of the uprising organisations in the information and communication world with an experienced management team set to market in 50 countries to satisfy the growing world demand for telecommunication services and that it was expanding its network in Comoros (population 750,000) to increase capacity from 30,000 to 250,000 subscribers.

The independent auditor named in the companies accounts is Mr Habib Sharabaaty of GTC Accounting www.gtcaccounting.com whose website is linked with the foregoing servers.

Welcoming the courts winding up decisions Chris Mayhew, Company Investigations Supervisor, said:

Far from being the incredible entrepreneurial journey claimed, this was no more than an exaggerated misrepresentation of reality designed to obtain credit in the same way as a related scam peddled in a much less ambitious way that was wound up in the public interest in 2009/10.

The level of competence displayed in the present companies is illustrated by the claimed international airline business having booking pages for its flights between Tanzania, Kenya, Sudan, Comoros and South Africa but showing a tropical landscape St Thomas Island which is in the US Virgin Islands in the Caribbean.

Business and members of the public should be able to rely on the statutory information filed by a company on its public register and otherwise made available and where abuses are found, as here, the Insolvency Service will investigate and take further enforcement action as necessary.

The Official Receiver now appointed to wind up these companies affairs will be glad to receive details from any creditors here or abroad who have dealt with any of the companies or their predecessors.