Veridicus

Al Waseelah a mysterious SPV by Bedford Row Capital & Truva

Scott Levy and Stuart Gordon, representing Bedford Row Capital, along with Alper Deniz from Truva Trustee, have been diligently covering their muddy tracks concerning one of their largest default investment schemes from NQ Minerals PLC. This action is believed to salvage unsuspecting investors from the Islamic society and ESG investors in Estonia.

Al Waseelah stands as NQ Minerals’ sole paying investment. This shariah-compliant debt instrument was issued by Bedford Row Capital for NQ Minerals PLC and it will mature in 2026. 

In a 2019 interview, Stuart Gordon emphasized that Al Waseelah, as the first sukuk for a listed UK corporate, provides new choices for Islamic investors. These investors now have the opportunity to invest in a compliant manner in stock exchange-listed European assets. Al Waseelah offers Sukuk as an alternative financing solution for global corporates and institutions, providing Shari’a-compliant investment opportunities in listed financial instruments.

Al Waseelah PLC structured to engage in a commodity transaction with NQ Minerals PLC, involving spot delivery on a deferred payment basis. The sukuk paid a consistent 10% coupon per annum, even as public information revealed NQ Minerals had plunged into administration and voluntary liquidation in August 2022.

 The puzzling aspects arise from this situation : 

  • Despite public information indicating NQ Minerals PLC insolvency, Al Waseelah sukuk continues to pay a 10% coupon per annum.
  • Al Waseelah’s structure implies NQ Minerals PLC remains operational, capable of fulfilling obligations to sukuk holders, while apparently insolvent for other creditors.

This implies that NQ Minerals PLC is still very much active and operating, capable of paying the sukuk holders, yet seemingly insolvent for other creditors. Notably, all other bonds issued by Bedford Row Capital for NQ Minerals have already defaulted since August 2021.

  • Alper Deniz, CEO of Truva Trustee and trustee for all these bonds (Invenio Capital, Audley Funding, and Al Waseelah), seemingly failed in his fiduciary duty. Deniz appears to benefit from the continuous profit payments, casting further doubt on his role and actions.

In Comparison : 

1. NQ Minerals PLC – Invenio Capital Bond

2. NQ Minerals PLC –Audley Funding Bond

3. NQ Minerals PLC – Al Waseelah Sukuk

Seeking Justice

As the appointed administrator, Begbies appears to care only about the fees they collected, which is evident in the progress report, where almost one-third of the content is dedicated to discussing their fees, rather than addressing any possibility of misconduct by Walter Doyle, the NQ Minerals Director who issued the secured loan note, which is apparently fraudulent and other wrongdoings. This activity should raise eyebrows.

To make matters worse, Begbies also seemed unaware that NQ Minerals PLC was still operating and hence capable of paying Al Waseelah, a company owned by Bedford Row Capital and Truva Corporation (Alper Deniz).

Were Begbies Traynor complicit or merely very incompetent? Did they strike a favourable deal with Al Waseelah PLC and Bedford Row Capital, allowing the trio to cover their tracks?

If you’re a creditor of NQ Minerals PLC or a victim of Bedford Row Capital and Truva’s schemes, don’t stay silent. Reach out to Begbies Traynor’s compliance and complaint channels:

Reference below 

Bedford Row Capital & Truva Corporation Current Target 

3 responses to “Al Waseelah a mysterious SPV by Bedford Row Capital & Truva”

  1. William blake Avatar
    William blake

    I believe begbies also need to be held accountable for letting these fraudsters a deal.
    begbies was sued by John Terry., and now they letting bedford row capital and truva trustee a deal?
    all these fraudsters have to be put behind bars.

    Reply
  2. Oliver Avatar
    Oliver

    bedford row capital and alper deniz are all nothing but fraud, they sued by many of their investors.

    Reply
  3. William H Avatar
    William H

    Bedford Row Capital and Alper Deniz Keystone Truva, or whatever they may call themselves, appear to be nothing short of fraudsters. You’ve taken my hard-earned money. I hope justice is served.

    Truva fraud
    Bedford Row Capital fraud
    Stuart Gordon fraud
    Scott Levy fraud
    Alper Deniz fraud

    Reply

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