TFC seeks legal bid against Lexi

Rachael Tinniswood

Loan provider The Funding Corporation has applied to the High Court for permission to bring a claim against jailed Cheshire property entrepreneur Shaid Luqman's collapsed property finance company Lexi Holdings.

TFC has contacted Mr Justice Briggs for permission to start proceedings against Lexi over a loan TFC allegedly provided the company.

TFC's lawyers argue that it was deceived into lending Lexi finance, and as a result wants to ask for the assignment of rights acquired by Lexi in properties over which Barclays Bank now has legal charges.

Luqman was jailed for two years last summer for contempt of court after he failed to assist in the investigation of Lexi's administrator KPMG into the firm's collapse.

The application is scheduled to last two days.

The case continues.

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