Nottingham’s ‘nastiest ever car dealer’ named in Panama Papers
A host of individuals and companies from across the East Midlands have been named in the so-called “Panama Papers” – the huge leaked database of where some of the world’s rich and famous hide their cash.
Among the many names and addresses spread across the region is Richard Loach of Gedling, Nottingham whose luxury car firms LHD Car Company and LHD Porsche went bust in 2008 owing creditors hundreds of thousands of pounds. In the Panama Papers, Loach is named as moving money offshore through another now defunct firm Micronet Showroom, which was registered in the Virgin Islands.
Loach, along with his brother (who is not named in the Panama Papers) also ran Eximart – later World Vehicle Supplies UK. It was wound up in 1999 with debts of more than £1m.
The brothers were once dubbed “Britain’s nastiest car dealers” by the Daily Mirror.
Over 11 million documents held by the Panama-based law firm Mossack Fonseca had been leaked to the German newspaper Suddeutsche Zeitung. The paper shared the information with the ICIJ, which is made up of 107 media organisations in 78 countries.
The anonymous whistleblower behind the Panama Papers has this week conditionally offered to make the documents available to government authorities.
In a statement issued to the German newspaper Süddeutsche Zeitung and the International Consortium of Investigative Journalists, the so-called “John Doe” behind the biggest information leak in history cites the need for better whistleblower protection and has hinted at even more revelations to come.
Titled “The Revolution Will Be Digitized” the 1800-word statement gives justification for the leak, saying that “income inequality is one of the defining issues of our time” and says that government authorities need to do more to address it.
