Manolete Partners PLC (AIM:MANO), the leading UK-listed insolvency litigation financing company, has announced the appointment of Lord Agnew, a former Cabinet Office and Treasury Minister, as an expert counter-fraud adviser.
Lord Agnew, who had responsibility for counter fraud in the UK government, will support the company in further developing its practice in assisting UK financial institutions recover monies for the taxpayer that were misappropriated under the UK government's Bounce Back Loan Scheme.
The Bounce Back Loan Scheme, launched in 2020 in response to the Covid-19 pandemic, was aimed at supporting small and medium-sized businesses to borrow between £2,000 and £50,000 at a low-interest rate, guaranteed by the UK government.
Commenting on his appointment, Lord Agnew said: "Working in conjunction with government agencies and leading financial institutions, Manolete has developed an effective solution to assist in maximizing the recovery of Bounce Back Loans that were unlawfully misappropriated by some UK company directors. I look forward to assisting the company in its recovery program."
Steven Cooklin, CEO of Manolete, added: "We are delighted to have one of the country's leading counter-fraud experts join our team as we progress our efforts to support the government in the important area of Bounce Back Loan recoveries, specifically where directors of UK companies have misappropriated those monies from their companies."
The company said with Lord Agnew's expertise and experience, it is well positioned to assist financial institutions in recovering the Bounce Back funds and ensuring that they are used for their intended purpose, supporting small and medium-sized businesses during the Covid-19 pandemic.