Published: Thursday, 25th June 2015
Four men, three of whom are brothers, have been disqualified for 14 years for being either company directors or being involved in company management after operating a land banking scam
Barinua Carr Nwikpo, John Ekpobari Nwikpo and Daniel Nwikpo and Bradley Peter Ferry were all involved with the firm which was wound up by the Secretary of States for Business, Innovations and Skills in the public interest following an investigation by the Insolvency Service.
The company sold land at Cheadle near Manchester, Chailey in Sussex; Billericay in Essex; and Wraysbury in Surrey. The site in Cheadle was sold to investors on the hope that it would increase in value by being developed as part of the extension of the A555 Manchester Airport Link road. Tullett Brown bought this two- acre piece of land for £36,000 in September 2009, divided in to 28 plots and sold them to unsuspecting victims for a total of £289,000.
Stockport Council is now seeking to purchase the land for the building of the airport link road and have placed a value on the land of £30,000, which is less than Tullett Brown paid for it.
Tullett Brown charged its victims as much as £24,000 for a plot of land worth £590. The company received a total of £2,091,799 from 106 victims for land sales between June 2009 and July 2011.
None of the land sold by Tullett Brown was suitable for investment and the local authorities insisted the land would never receive planning permission for development.