15-year ban over multimillion pound VAT fraud

A director involved in a multimillion VAT fraud has been given a maximum 15-year disqualification following an investigation by the Insolvency Service into a ‘missing trader’ transaction chain.

Ulhaque Ahtamad was the sole director of Masstech Ltd, a carbon emissions allowance and metals trader based in Gerrards Cross, Buckinghamshire. HMRC presented a petition to wind up the company in February 2013 for £7,484,940 in respect of unpaid VAT.

A subsequent investigation uncovered that between June and September 2009 Masstech Ltd made sales of more than £38m in the wholesale trade of carbon emission allowances and metals with little initial finance in place.