Monday Jun 24, 2024

Kemi Egan - £677,000 unknown tax liabilities due to fraudulent pension scheme uncovered

What’s the worst thing that could happen during an acquisition?

Up there at the top must be finding fraud from the seller.

Kemi Egan is my guest in this episode, and she found just this during one of her acquisitions. A seller was using a fraudulent pension scheme discovered by HMRC. Even then during the legal process the seller, and their defence have denied any wrongdoing despite evidence to the contrary.

Kemi shares the stress this caused her and what has been happening since. She also shares her wealth of experience, having completed 30 acquisitions in the last 5 years with 10 exits. As well as what she learned from this experience.

“Every step it was just so irrational” – Kemi Egan

Timestamps

01:39 - An introduction to Kemi

03:26 - How Kemi got into M&A

11:04 - Kemi on discovering fraudulent activities

19:51 - Was the business owner aware of fraud?

21:19 - What Kemi learnt from the experience

23:52 - Is there anything that could have been done differently?

25:16 - Julie on how to track changes

28:29 - Kemi's current acquisitions

Connect with Kemi Egan:

LinkedIn - https://www.linkedin.com/in/kemiegan/