1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202 
City Truck bosses face £20m bill
Page 7
If you've noticed an error in this article please click here to report it so we can fix it.
GE COMMERCIAL FINANCE has won a High Court battle against the former bosses of collapsed haulage firm City Truck Group, whom it accused of a £16m swindle according to reports in The Observer newspaper.
Kevin Smedley and David Gee were accused by GE of misleading it over the state of its financial health. City collapsed in 2002 with massive debts. despite winning awards for its business success. GE launched its action a year later.
Smedley and Gee, the firm's finance director and MD, now face a bill for up to £20m, including legal costs, after Judge Tugendhat ruled that they had deceived GE. The case centred on a factoring agreement between the two firms that extended £25m of credit to City. The court found that City produced fake invoices in order to generate cash.