Hatton Garden heist: Safe deposit company targeted in £10 million jewel theft goes into liquidation

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The safe deposit company targeted in a £10 million heist in London’s exclusive jewellery disrict Hatton Garden has gone into liquidation.

The Hatton Garden Safe Deposit company blamed the situation on its damaged reputation following the theft last Easter.

“We are in the process of preserving the company’s assets and securing the premises, and our appointment is due to be ratified at a creditors’ meeting later this week.

“Because of the robbery and the bad publicity surrounding it the company had suffered from a loss of custom,” Sunney Sagoo, the liquidator, told The Telegraph.

The company, owned by Sudanese father and son Mahendra and Manish Bavish, is understood to have been owed a large amount of money from deposit box holders who had fallen behind with their payments, while other customers had taken their business elsewhere.

Jewels worth tens of millions of pounds were stolen during a raid at Hatton Garden over the Easter weekend in April, which saw thieves drilling a hole into the vault of 20in (51cm) deep, 10in (25cm) high and 18in (46cm) into the vault wall, before ransacking 73 safety deposit boxes.

Scotland Yard apologised at the time after it was criticised for not following procedures when a security firm alerted it about an intruder alarm at the building on Good Friday.

Nine men charged with conspiracy to burgle and conspiring to conceal or transfer the jewellery are due to appear at the Westminster Magistrates’ Court  on the September 4 to enter pleas ahead of a trial scheduled for November, the BBC has reported.

Source Article from http://www.standard.co.uk/business/hatton-garden-heist-safe-deposit-company-targeted-in-10-million-jewel-theft-goes-into-liquidation-a2924956.html

September 1, 2015 |
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