Kroll Advisory is suing Lloyds Banking Group and its Bank of Scotland for £285 million following allegations that Arena TV’s owners misappropriated over £1.2 billion in asset-backed lending from more than 55 lenders.
Arena TV, which collapsed in 2021 with more than £280 million in debt, was allegedly subjected to fraud by its co-directors, Richard Yeowart and Robert Hopkinson. Kroll claims the directors were involved in a “substantial and wide-ranging fraud” that affected multiple lenders. According to court documents, only 66 out of 8,196 assets tied to loans could be confirmed as legitimate.
Lloyds Banking Group responded by stating their intention to defend the lawsuit, but declined to comment further due to the ongoing litigation.
The saga surrounding Arena TV has also attracted international attention. Yeowart and Hopkinson faced trial in France last year, with Yeowart tried in absentia as he remains at large. French authorities seized gold bullion, cash, cars, homes worth €1.4 million (£1.2 million), along with fake identity documents and counterfeit items.
The Serious Fraud Office launched an investigation into the case in 2022, which included arrests and searches at multiple locations. The investigation is still ongoing.