Lenders caught up in Arena Television ‘fraud’ inquest

According to The Times, highstreet banks and specialist lenders are facing substantial losses as it emerged only nine of Arena’s 55 lenders have any verified assets to support their loans. Official filings made by the collapsed broadcaster’s administrator, Kroll, said the group had secured more than £290m against the supposed assets but the group “does not hold the vast majority of assets” purportedly borrowed against. 

Of the lenders, 46 - owed a combined £182m - “do not have recourse to any assets” underlying their lending, noting there was a shortfall of “several thousands assets”. The Serious Fraud Office told The Times that it could “neither confirm nor deny” suggestions it was considering launching an investigation. 

The broadcaster, which has worked on sports and events coverage including ITV Sport’s European football championship, Glastonbury music festival and the Wimbledon tennis championships, collapsed on 12 November last year. 

Two days prior to this, directors Richard Yeowart and Robert Hopkinson “abruptly” ceased trading the business. According to documents submitted as part of its administrator proposal, Kroll has conducted an “urgent and detailed” investigation into the group’s affairs. 

This included the collection of books and records, forensic IT imaging, a detailed review of several years’ worth of bank statements, interviews with various parties involved in the business and liaison with various stakeholders, as well as regulatory and investigatory bodies.