Shamed tycoon Luqman jailed again
SHAMED North West businessman Shaid Luqman is back behind bars and arrest warrants have been issued for his father and brother.
The former boss of collapsed Manchester property firm Lexi Holdings was jailed on March 19 by a High Court judge presiding over a civil case brought by KPMG, the administrators of Lexi.
The 12 month term, Luqman’s second in less than two years for failing to comply with various court orders realting to Lexi’s collapse, was imposed by Mr Justice David Richards sitting in London at the High Court Chancery Division.
Lexi Holdings collapsed in October 2006 with debts of more than £100m, weeks after Shaid Luqman, once an award-winning entrepreneur and a frequent member of national newspaper Rich Lists, was banned from acting as a company director for a maximum of 15 years for his conduct in running another business, Modern Living UK.
Shaid Luqman was Lexi’s managing director, his sisters Monuza and Zaurian were also directors of the company which had offices in Manchester and London.
KPMG is going through the courts in a bid to recover the company’s assets for creditors which include a number of banks including Barclays.
Mr Justice Richards served bench warrants for the arrest of Shaid Luqman’s father Mohammed and brother Waheed. The pair, who like the rest of the family lived in the Altrincham area, are in Pakistan.
The 12 month sentence for Shaid Luqman, pictured, was made up of six separate sentences of 
between one month and 12 months which will run concurrently. These included providing a false statement of truth and disposing of assets including cars and valuable paintings in contravention of previous court orders.
His sister Monuza – until last summer the boss of a Bury charity – was handed a six month sentence, suspended for two years, made up of three separate sentences of between one and six months.
The Judge said she had: Breached a freezing oder by spending more than an agreed limit of £5,000 a week; made untrue statements about repairs being made at properties she owned and interfering with a search order at a her home.
An interim costs order of £100,000 was made against Shaid Luqman and £50,000 against Monuza.
The judge also made an order that Shaid Luqman and his solicitors, Birchall Blackburn, disclose the source of how he funded his defence of the proceedings.
