Credit confusion


Credit confusion

Billy MacInnes
Confusion surrounds a trade reference used in late 1998 by I Love My Encryption Technology plc (formerly Rhodium plc) to try to secure credit lines of £250,000 from suppliers.

A note from Y2K Consultants (Europe) Ltd dated 7 September 1998 claimed a request for a credit line of $850,000 (£607,000) for Rhodium plc had been approved and was available for immediate use.

Y2K Consultants (Europe) accounts for the year ending 31 March 1997 showed total assets of only £1,453 and the company's director is listed as Margaret Cunniffe. Her name appeared as a contact on Rhodium press releases issued on 5 March 1999 and 17 October 2000. She was also listed under personnel on Rhodium's Web site when MicroScope checked last week.

The site said that she was "now involved in DDR2000SM, a project tipped to revolutionise the banking world".

It added: "Her approach to day-to-day business typifies the strategy and maintains the reputation and professional approach that Rhodium plc prides itself on."

Last week, Rhodium CEO Joseph de Saram told MicroScope that Cunniffe had not been working for Rhodium when the reference was provided by Y2K Consultants (Europe).

Asked how such a small company could extend such a large credit line to Rhodium, de Saram replied the facility was being provided on behalf of the consultancy's much larger Australian parent company. He was unable to give further details.

An order to wind up I Love My Encryption Technology was issued on 24 November. It has estimated debts of £1m.

Y2K Consultants (Europe) has not filed an annual return since 9 March 1998 or annual accounts since 31 March 1998.

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