Director handed ban for selling cars for £1

£100K JAGUARS AND ROLLS SOLD TO FIRM HE ALREADY CONTROLLED

- ANNABAL BAGDI News Reporter

A BUSINESSMAN who sold Jaguars and Rolls-Royces for just £1 has been handed a six-year director ban.

Kulbarg Singh was the director of Aldridge Construction Engineering Ltd when he sold seven historic cars for just £1 to another company which he controlled.

At least £1.5 million worth of company assets were sold for under £500,000, with Aldridge Construction Engineering Ltd entering liquidation the following year.

The under-priced sales included two Daimlers from 1936 and 1965; two Jaguars from 1969 and 1978; and three Rolls Royces from the 1970s.

The seven cars had a value of £101,500 but Singh sold them to Ace Earth Solutions Ltd for just £1.