Busted ! Truva Trustee, Bedford Row Capital & NQ Minerals hidden lifeline 

In a shocking turn of events, the victims have been rocked by revelations of misconduct and fiduciary failure involving Truva Trustee and its CEO, Alper Deniz. A detailed investigation has exposed a series of unscrupulous activities that have left many investors, particularly retirees and expatriates, unpaid and misled.

Among the various allegations, one instance stands out where Alper Deniz was caught in the act of fiduciary misconduct. Evidence shows that Deniz, serving as the trustee for the bonds issued by NQ Minerals PLC through several Special Purpose Vehicles (SPVs) including Invenio Capital, Audley Funding, and Al Waseelah, failed to disclose crucial information. Notably, one of these SPVs, Al Waseelah, a Shariah-compliant instrument, continued to generate profits in 2023 even after NQ Minerals was put under administration in 2022.

The Scandal Unfolds

The initial signs of trouble began in August 2022 when NQ Minerals PLC was put under administration. The company, which had issued bonds through Bedford Row Capital with Truva Trustee acting as the bond adviser and trustee, saw a significant financial collapse. As a result, a large number of creditors and investors found themselves without their expected returns. 

Despite the mounting financial distress, an extraordinary resolution proposed by Truva Trustee sought to defer interest payments, declare an Event of Default, and recover funds from the NQ Minerals administration process. 

The trustee’s public statement “The Trustee has proposed an extraordinary resolution to approve the deferral of interest payments due to Noteholders, declare an Event of Default and seek recovery from the NQM Administration process. The resolution aims to address financial challenges related to the Hellyer Gold Mine project and its refinancing. Noteholders’ approval is sought for these actions.”

Al Waseelah Plc Issues First UK Corporate Sukuk – Company Announcement – FT.com

Concealment and Deception

In order to hide this information to the general public, Truva Trustee, along with Bedford Row Capital, avoided mentioning NQ Minerals PLC in their public statements, instead referring only to the ISIN code (ISIN – GB00BK4PG791). 

This deliberate confusing action information prevented the public and the investors from realizing that NQ Minerals was still capable of generating profits, thus evading scrutiny and maintaining a facade of transparency.

Al Waseelah Plc Profit Payment Announcement – 12:21:55 28 Jun 2023 – News article | London Stock Exchange

How the Scheme Worked

The scheme orchestrated by Truva Trustee and Bedford Row Capital was intricate yet effective in masking the ongoing profitability of NQ Minerals:

  • Selective Reporting: By exclusively using the ISIN code in communications, they diverted attention from the actual performance of NQ Minerals PLC.
  • Disguised Profits: Al Waseelah, being a Shariah-compliant instrument, continued to generate and pay out profits. However, these payments were not disclosed to the public or the investors who were left without their returns.
  • Fiduciary Failure: As the trustee, Deniz had a legal obligation to act in the best interest of the bondholders. Instead, he concealed the profit payments and seemingly diverted the benefits to only himself and Bedford Row Capital , along with NQ Minerals PLC.

The Aftermath

The revelation that Al Waseelah continued to pay dividends while other investors were left high and dry raises serious questions about Alper Deniz’s fiduciary responsibilities. It appears that Deniz personally benefited from the ongoing profits of this unnoticed investment, all while failing to disclose the existence of these payments to the affected creditors and investors.

Seeking Justice

If you’re a victim of Truva Trustee or a victim of Bedford Row Capital’s schemes, don’t stay silent. Report Mr Alper Deniz the CEO of Truva Trustee to the appropriate complaint channels or any regulatory body you are aware of.

Regulatory Bodies to Report To

  1. Financial Conduct Authority (FCA)
  2. The Insolvency Service
  3. The Financial Ombudsman Service (FOS)
  4. The Serious Fraud Office (SFO)
  5. Complain about a solicitor | The Law Society
  6. Complaints against solicitors and other lawyers – House of Commons Library (parliament.uk)
  7.  SRA | Reporting a solicitor or firm to us | Solicitors Regulation Authority

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