All articles by Brendan Malkin
Brendan Malkin
SGEF wins slice of Microsoft’s vendor programme
In what marks the latest development in the break-up of Microsoft Financings vendor programme, SG Equipment Finance has scooped a deal to provide finance to the software giants customers in four European countries.
Enterprise almost doubles lease obligations
Enterprise Group, the company which maintains 21,000 miles of UK roads, almost doubled last year its long term lease obligations, latest figures show. Its finance leases obligations which are due to be paid over more than one year rose from £5.7 million during 2008 to £10.5 million during last year.
BoA: making headway in China
Bank of America Corp is planning to seek approval to expand its operations in China beyond its current financial activities, which include leasing. Bank of America executives are discussing the need to incorporate locally in China, the Wall Street Journal today reported.
Revealed: names of leasing companies in farm scam
A Leasing Life investigation has unearthed the identities of the leasing companies that have allegedly been the victim of yet another multiple financing scam to have hit the asset finance industry As previously reported, a large fruit farm based in the south west of England, and which also has substantial overseas operations, allegedly convinced leasing companies to provide finance several times for single polythene tunnels.
Update: Shire auditor resigns as tough year closes
Shire, which over recent months has not satisfied all of its mandatory financial covenants with Singer & Friedlander Leasing Limited, National Westminster Bank and Barclays Bank, explained the drop in its gross value, from £145.3 million in the year to March 2008 to £116.4 million during the following year, with reference to the economic downturn in the market.
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Private banking sector ramps up exotic asset finance
Following revelations in Leasing Life earlier this year that Lombard had begun financing corporate jets for customers of Coutts, it has now emerged that Bank of America has plans to expand its European, Far Eastern and Middle Eastern jet finance operations
Hill & Smith reports hike in lease repayments
UK metal products supplier Hill & Smith increased its finance lease repayments by 150 percent during its latest financial year. Hill & Smiths latest results, published on Tuesday this week, show that it repaid £3.5 million (3.8 million) in finance lease liabilities during the six months up to June 30 2009, compared with £1.4 million during the same period the year before.
HSBC global leasing remains strong
HSBC saw only a marginal decline in its consumer, corporate and property leasing arm during 2009, according to latest year end 2009 results. Its total operating leases, which appear under plant, property and equipment in its accounts, declined by $223 million YoY to $13.8 billion. Depreciation and impairment of its operating leases totalled $1.7 billion, just $25 million than in 2008.
Lessors victims of alleged £30 million scam
Almost 25 British leasing companies are believed to have been victims of an alleged circa £30 million multiple financing scam by an international soft fruit specialist. Companies linked to the alleged perpetrator, which has entered administration, is understood to have been subject to a winding-up petition issued recently by an asset finance company.
Serious crime squad comes to rescue of swindled lessors
The incredible but true story of the leasing industry, a Harrods safety deposit box and a missing fortune. SOCAs mission was to seize large amounts of stolen money which had allegedly been laundered through scores of safety deposit boxes.