Begbies Traynor Favorable Deal, NQ Minerals’ Hidden Lifeline

Al Waseelah a mysterious SPV 

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’s 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.

  • Begbies Traynor, appointed as NQ Minerals PLC’s administrator. Were they complicit or very incompetent? Did they strike a favorable deal with Al Waseelah PLC and Bedford Row Capital, allowing the trio to sweep their tracks under the rug?
  • 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 Comprison : 

1. NQ Minerals PLC – Invenio Capital Bond

2. NQ Minerals PLC –Audley Funding Bond

3. NQ Minerals PLC – Al Waseelah Sukuk

Seeking Justice

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

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  1. “Cet article de Veridicus explore en profondeur les secrets entourant NQ Minerals, révélant des informations essentielles jusqu’alors cachées. À travers…

  2. is this real ??? so nq minerals still in operation? I can’t believe this, I will sue begbies traynor, bedford…

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