Goldtrail boss given maximum ban for ‘gross mismanagement’
The boss of Goldtrail Travel which collapsed leaving more than 23,000 holidaymakers stranded abroad has been disqualified from being a company director for 15 years for ‘gross mismanagement’.
Abdulkadir Aydin, the sole director of Goldtrail, which was based in New Malden, Surrey, received the maximum ban possible from the High Court in London.
The disqualification, which started on 8 May 2013, bans him from being a company director and follows an investigation by the Insolvency Service.
The Turkey specialist crashed in July 2010 with debts of at least £2,324,000, leaving 23,000 holidaymakers stranded abroad and ruining the plans of more than 110,000 people who had their holidays cancelled, see previous story.
The Court heard that Mr Aydin, 47, earned £4,040,000 in commission after using the company to purchase airline seats from two airlines totalling £3.9 million as part of ‘complex and secret share sale agreements’.
In the months prior to the company’s collapse, Goldtrail made unexplained payments of more than £6,350,000 to two Turkish companies, which were owned or controlled by Aydin’s family.
As a result of the financial failure of Goldtrail, the Air Travel Trust incurred estimated costs of at least £20,281,000, of which £5,766,000 was the cost of repatriating 23,519 of Goldtrail’s customers back to the UK.
The Court heard that between May 2009 and June 2010, Mr Aydin also failed to ensure that Goldtrail provided complete and accurate information to the Civil Aviation Authority (CAA).
This included breaching its ATOL by significantly overtrading, flying customers it was not licensed to carry, failing to issue correct sales documentation to its agents and customers.
The investigation also showed that in the period September 2009 to June 2010 Mr Aydin failed to advise the CAA that he had agreed to sell all his shares in Goldtrail.
He also failed to inform the CAA that he had received payment for those shares and continued to hold them under deeds of trust, to prevent the CAA from becoming aware of the sale.
David Brooks, a chief examiner for the Insolvency Service stated: "Mr Aydin’s conduct ruined holidays for thousands of people, with some left stranded in foreign countries and others unable to go at all, causing much distress.
"This disqualification should serve as a reminder that the Insolvency Service will investigate and take action against unacceptable conduct by company directors."
Diane
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