MP DELIGHTED THAT SHADY LAND INVESTMENT COMPANY UKLI TO BE WOUND UP

9.15.00am BST (GMT +0100) Fri 6th Jun 2008

Leeds MP, Greg Mulholland, has expressed his delight that the FSA has called upon the High Court to wind up the UK's largest land investment company UK Land Investments, after Mr Mulholland wrote to them to highlight serious financial irregularities in the way in which UKLI conducted business.

Mr Mulholland wrote to the FSA back in May of last year, after UKLI's Charted Accountants Moore Stephens resigned citing a number of suspect practices, including the 'loaning' of huge sums of money to affiliates of the UKLI, principally the former Director of the company Mr Bally Chohan, and subsidiary companies operating at a considerable loss.

Commenting Mr Mulholland said:

"I am delighted that the FSA is taking action to bring the dodgy dealings of UKLI to an end.

"As I raised with the FSA back in May of last year, there were a whole array of serious financial irregularities in the way in which UKLI was conducting its business.

"It has taken some time but finally UKLI will not be able to take any more money from unsuspecting investors, many of whom put their life savings into these types of scheme in the hope of a substantial return which never materialises.

"However, the problem of land banking does stop with UKLI, the whole industry should come under much closer financial scrutiny."

ENDS