Yahoo Finance Issa brothers’ companies face fines for late accounts
Up-to-date accounts have not been filed at more than 20 companies belonging to the sprawling business empire of the billionaire Issa brothers, the Standard has found.
At least 23 businesses controlled by Zuber and Mohsin Issa, including forecourt chain Euro Garages, finance arm EG Finco and Leon Groceries, face fines from Companies House for failing to deliver their accounts by the statutory deadline. All 23 have missed the deadline by more than a month, with many of them more than four months overdue and at least one missing for over a year.
All told, the group of companies is on course to be hit by fines totalling over £20,000 for late filing, the Standard calculates, and the penalties could as much as triple if accounts are not filed within six months, triggering a maximum penalty.
Not filing confirmation statements, annual returns or accounts is a criminal offence — and company directors could be personally fined in the criminal courts in addition to any late filing penalties.
The missing accounts add further pressure to the Issa brothers, as EG Group wrestles with a staggering debt burden of at least $9 billion amid soaring interest rates.
The majority of the debt is made up of loans with interest pegged to Libor, Euribor and Sonia, indices representing the rate at which banks lend to each other. These rates have as much as quadrupled in the past five months, leading to hundreds of millions in increased debt interest, the Standard revealed last week.
It comes as Asda, which is also owned by the brothers, last month said it would consult on reducing pay for more than 4,000 staff on night-time shifts. There is no suggestion that Asda’s accounts have been filed late.
