Category: 3. Business

• Scott Dylan and David Antrobus allowed £13.9 million to pass through two companies using unauthorised bank overdrafts, with Dylan himself receiving £1.675 million
• The pair’s actions resulted in Barclays Bank freezing the company accounts and demanding repayment
• Dylan and Antrobus subsequently defied freezing injunctions obtained by Barclays, leading to contempt of court proceedings and jail terms for the pair

Two former business associates have been banned for a combined total of 23 years after allowing more than £13.9 million to pass through company bank accounts funded by unauthorised overdrafts.

Scott Dylan, 41, and David Antrobus, 39, opened bank accounts for the two companies in spring 2021 and made millions of pounds in transfers before the accounts were frozen by Barclays Bank.

The pair, both formerly of Wadlow Close, Salford, were subsequently sentenced to prison last year after breaching freezing injunctions.

Dylan, described by the judge as the “driving force”, was disqualified as a company director for 13 years at a hearing of the High Court in London on Thursday 4 December.

Antrobus was banned for 10 years at the same hearing.

Both disqualifications come into effect on Christmas Day and ban the pair from forming, managing or promoting companies without the permission of the court.

Victoria Edgar, Chief Investigator at the Insolvency Service, said:

Scott Dylan and David Antrobus exploited the banking system to allow £13.9 million to move through their companies using unarranged overdrafts, leaving behind insolvencies worth more than £52 million.

Dylan personally received £1.675 million, while nearly €1.8 million was transferred to a family member for what was claimed to be a hotel purchase in Turkey.

The judge regarded their actions as ‘little short of a scam’ and said there was ‘no legitimate purpose’ for the removal of the funds.

These bans mean Dylan and Antrobus cannot run companies for a significant time, protecting the public from directors who abuse their positions.

Antrobus signed bank application forms naming Dylan as the primary contact in March and April 2021 in his role as the official director of Oldcoft Ltd and Old3 Ltd.

The companies were known as FT (OPS) Limited and Fresh Thinking Group Limited at the time of the misconduct.

Three bank accounts were opened in April and May 2021: current accounts for Oldcoft Ltd and Old3 Ltd and a Euro currency account for Oldcoft Ltd.

Between mid-July and late September 2021, Dylan and Antrobus allowed more than £13.9 million to be transferred to the Oldcoft Ltd current account from 10 connected companies.

The money was funded through unarranged overdrafts with Barclays.

During the same period, payments of more than £11.7 million were made from Oldcoft Ltd’s current account.

Dylan himself received £1.675 million, more than £7.4 million was transferred to Old3 Ltd’s account, and at least £1.545 million was transferred to other connected companies.

In August 2021, an unarranged overdraft on the Euro account was used to fund 37 transfers totalling €1.795 million to a family member.

Oldcoft Ltd’s liquidators were unable to find any evidence to support Dylan’s explanation that the money was used to purchase a hotel in Turkey.

Barclays secured freezing orders for the accounts on 24 September 2021, asking Dylan and Antrobus to explain why the transfers had been made and where the money had gone.

Within a fortnight, Barclays demanded repayment.

However, the 10 connected companies entered provisional liquidation in November 2021, Oldcoft Ltd was wound-up in January 2022 owing an estimated £44 million, including £13.7 million to Barclays, and Old3 Ltd entered administration in April 2022 with an estimated deficiency of £8.2 million.

Both Dylan and Antrobus breached the freezing orders by transferring an entire group of companies to two companies in the British Virgin Islands without informing Barclays.

Dylan was sentenced to 22 months in prison in October 2024 for contempt of court for breaching the court orders.

Antrobus was sentenced to the same period in his absence, with a warrant of committal issued for his arrest and transfer to prison.

Dylan should not have been acting as a company director during this period as he had given an undertaking to the court in September 2019 while disqualification proceedings were ongoing in relation to his conduct at a separate company, SDRW Limited.

The proceedings only concluded in September 2025, with Dylan disqualified for eight years after he acted as a director while bankrupt at SDRW Limited between July 2013 and July 2015.

Antrobus, who also failed to maintain and deliver accounting records for Oldcoft Ltd to the liquidator, was declared bankrupt in August 2025.

Further information

(HARTFORD, CT) – Governor Ned Lamont, chairman of the State Bond Commission, today announced that the commission voted at its meeting this morning to approve an allocation of $18 million in bond funding that will be used to establish the Housing Environmental Improvement Revolving Loan and Grant Fund – a new state loan and grant program that will assist in making energy efficiency upgrades at existing single-family and multi-family homes and helping residents generate savings on energy bills.

Administered by the Connecticut Department of Energy and Environmental Protection (DEEP), this program will be used to help with the retrofitting costs of items such as the installation of more efficient heating and cooling equipment, building envelope upgrades, and other similar items that produce energy savings. The program will build on the success of DEEP’s most recent barrier remediation program, the Residential Energy Preparation Services program, which recently utilized all its available funding, removing hazards in dozens of homes, clearing the path for money saving efficiency upgrades.

The establishment of the program and its related bond funding was authorized by the Connecticut General Assembly through Public Act 25-125, which Governor Lamont signed into law this summer.

“Energy efficiency improvements are a huge part of the way that savings can be generated on energy bills,” Governor Lamont said. “One of the great things about energy efficient upgrades is that they help reduce costs and increase reliability for all ratepayers – not just the person installing an energy efficient upgrade – by reducing wasted energy across the electric grid. With this funding, we’re also removing barriers that prevent people from being able to install energy efficient upgrades. Everyone should be able to realize the savings that can come from installing energy efficient upgrades in the home. Altogether, these funds will help expand affordable housing in Connecticut by rehabilitating existing housing and integrating energy upgrades that lower utility costs, improve resident comfort, and extend building life.”

“The Housing Environmental Improvement Revolving Loan and Grant Fund builds on DEEP’s commitment to addressing high utility costs for low-income residents,” DEEP Commissioner Katie Dykes said. “With housing and utility costs rising, this funding is essential to help residents and developers, who live in or own low income single and multifamily buildings, access weatherization and energy efficiency measures that can lower utility bills, increase comfort and safety, and keep housing costs affordable.”

When the program begins, $12 million from this initial $18 million allocation will be used to provide loans for developers to install energy upgrades and retrofits in existing multifamily affordable housing, including but not limited to more efficient heating and cooling equipment and building envelope upgrades.

The remaining $6 million will go toward removing barriers that prevent people in lower-income, single family homes from making their homes more energy efficient. Barriers include asbestos, knob and tube wiring, mold, and moisture. These barriers disqualify homes from state and federal weatherization and energy upgrade programs, as contractors are unable to move forward with energy audits, window and insulation installation, and other measures if such barriers are present. For example, in 2024, about 30% of Home Energy Solutions – Income Eligible units and 50% of Weatherization Assistance Program units were deferred due to health and safety barriers. Lower-income residents face the highest energy burden, or percentage of gross income spent on energy bills, and without funding for barrier remediation these homes cannot proceed with weatherization work and therefore are not able to improve their energy efficiency, which can save money on utility bills and increase home comfort.

In 2024, DEEP compiled public input related to this funding through a request for information, where respondents highlighted gaps and challenges in the affordable housing energy efficiency space, such as lack of technical assistance, difficultly accessing financing, high costs, health and safety barriers, and market confusion. Additionally, DEEP held three Affordable Multifamily Stakeholder Roundtables in June that produced similar key takeaways and sparked the creation of an interagency working group to discuss coordination among their various affordable multifamily programs.

The next steps in the establishment of the Housing Environmental Improvement Revolving Loan and Grant Fund include determining the process to recruit entities that can implement the program. DEEP hopes to solidify a process for entity selection by early to mid-2026, with the goal of initial program launch for both the grants and loans by end of 2026.

Funding complements other recent efforts to reduce energy costs

The funding and establishment of this program complement other efforts Governor Lamont has enacted recently to help reduce energy costs. These include:

• Governor Lamont signed energy affordability legislation this year that will save ratepayers at least $300 million on their electricity bills over the next two years, and more in future years.
  • Public Act 25-173 was a collaborative, bipartisan effort to provide rate relief immediately and over the longer term to Connecticut residents and businesses facing costly utility bills.
  • Connecticut was recently recognized for its passage of Public Act 25-173 and Public Act 25-125 by the National League of Conservation Voters in its 2025 Clean Energy Report.
  • The $300 million includes savings to ratepayers of $125 million annually in each of fiscal years 2026 and 2027 by shifting hardship protection measure costs off electric bills to state bonds; and $30 million in savings in fiscal year 2026 and $20 million in fiscal year 2027 by shifting electric vehicle charging program costs off electric bills to state bonds.

• Connecticut’s Conservation and Load Management (C&LM) energy efficiency programs, implemented by Connecticut’s utilities with oversight from DEEP and the state’s Energy Efficiency Board, continue to provide significant energy and bill savings benefits to ratepayers.
  • C&LM program investments in 2025 alone are expected to deliver $353 million in bill savings to Connecticut ratepayers over the lifetimes of the installed efficiency measures.
  • In 2025, an individual Connecticut resident participating in the home energy assessment program through EnergizeCT is expected to receive an average incentive of $1,129, which will result in $2,068 average lifetime bill savings.
  • Overall, C&LM programs returned $2.38 in benefits for every $1 invested from 2022 to 2024. Benefits are anticipated to increase to $3.30 for every $1 invested in 2025-2027.

 

I am pleased to update Members on the progress of the Global Centre of Rail Excellence (GCRE), a strategic initiative established by the Welsh Government in 2021 to drive economic development in South West Wales. Located on the former Nant Helen open cast mine, GCRE is being developed as a unique, purpose-built facility for international-standard rail research, testing and innovation. 

GCRE aims to harness the net zero transition for Wales’ economic advantage. By creating vital infrastructure needed by the global rail industry, the project will support the development of a high-quality rail technology cluster that can generate new green jobs, enable innovation-led growth and attract investment in key areas such as energy and research and development. 

Sitting just fifteen miles from Port Talbot, GCRE offers a significant opportunity to bolster the Welsh Government’s efforts to help build a more sustainable and diverse economic base in South West Wales and I am pleased that it was showcased at the Welsh Government investment conference earlier this month.

The commercial momentum behind GCRE continues to grow, with more than 200 companies expressing interest in using the facility once it is built, with strategic partnerships having already been formed with Hitachi, CAF, Thales, Network Rail and Transport for Wales. GCRE’s development is guided by four missions aligned with Welsh Government priorities and the Wellbeing of Future Generations Act. They are to: Rebuild Local Prosperity; Make Transport Better; Develop a Net Zero Railway and Renew an Amazing Place.

GCRE is a 2021 Programme for Government commitment that builds naturally on the wider infrastructure strategy of the Welsh Government. The recently completed £2bn dualling of the A465 Heads of the Valleys Road will provide strategic support for the facility. An independent economic appraisal undertaken by PWC has highlighted that GCRE has the potential to create more than 1,100 jobs in its first decade, with the potential to contribute a £300m GVA uplift to the local and regional economy and £1.2bn over its lifetime. It reported that for every £1 spent developing the GCRE project, £15 is returned in wider community, economic and rail industry benefit. 

While, to date, no investment partner has yet been able to commit the private funding needed, feedback from the market is that the GCRE project is viable and can be progressed. A market review over the summer made it clear that to secure investment the company needs to provide greater certainty about the final construction costs and confidence about investment viability in the early years commercial operation of the business.

Welsh Government support will be needed to put both of these measures in place.

I have discussed these issues in detail with GCRE and want to work with the company to help it secure private investment. As indicated in my letter to the Senedd Economy, Trade and Rural Affairs Committee of 21^st October, as a government we are prepared to explore how the GCRE project can be further de-risked by virtue of additional public funding or the provision of a guarantee in order to secure the private capital funding necessary to take the project forward. Despite the challenges, the Welsh Government still firmly believes in the project and is ready to work with the business to address the barriers identified by private investors to date. 

The Welsh Government has therefore provided funding to cover the capital requirements for design and development work over the next 6 months, preparing for Early Contractor Involvement (ECI) in detailed design, working towards a fixed construction cost.

In parallel to this, GCRE is also seeking an Energy and Data Centre Partner (EDCP).  The appointed EDCP will work with GCRE to harness the site’s significant renewable energy potential and develop a major data centre offering at the site, alongside the railway. 

Combined, all of these strands of work will allow the next Welsh Government to consider a Final Investment Decision on GCRE in 2027. 

GCRE remains a strategic priority for the Welsh Government, offering transformative potential for the coalfield communities of South West Wales that can position Wales as a European and global leader in rail innovation.

GCRE is an example of the type of creative and active government approach that can help to tackle some of the most stubborn productivity and growth challenges in the northern coalfield of South West Wales and this Government’s aim is to put the project into the strongest possible position for the next Welsh Government to consider.

I will continue to keep Members informed as this important work progresses. 

Washington, DC: An IMF team led by Ms. Mercedes Vera Martin, Mission Chief for Zambia, visited Lusaka from October 22 to November 4, 2025, to conduct discussions for the sixth and final review under the ECF arrangement. Follow-up discussions were held virtually from Washington D.C. Given productive discussions with the Zambian authorities, Ms. Vera Martin issued the following statement:

“We are pleased to announce that IMF staff and Zambian authorities have reached a staff-level agreement on policies to complete the Sixth and final Review of Zambia’s 38-month ECF arrangement. Subject to approval by the IMF Executive Board, Zambia will receive a disbursement of SDR 138.9 million (about $190 million), bringing total disbursement to SDR 1,271.66 million (about $1.7 billion) since August 2022.

“Despite external and domestic shocks during the program period, Zambia has significantly reduced macroeconomic imbalances, reached agreement on most of the external debt under the perimeter of the debt restructuring, and undertaken sustained fiscal consolidation while safeguarding social spending. The authorities have restored macroeconomic stability and built buffers that have improved economic resilience to shocks.

“The Zambian economy has continued to expand in the first half of 2025, with real GDP growth projected at 5.2 percent in 2025, reflecting lower-than-expected mining and wholesale and retail trade. Inflationary pressures are easing—although more gradually than envisaged— supported by a stronger kwacha, lower fuel prices, and improved food supply. Despite favorable terms of trade, including higher-than-projected international copper prices, the current account deficit is projected to widen to about 2.1 percent of GDP in 2025 driven by broad-based import growth and lower official grants. Gross international reserves continue to increase and are expected to cover 4 months of prospective imports by end-2025.

“Notwithstanding heightened global uncertainty, the medium-term outlook remains favorable. Growth is projected to average 5.6 percent in 2026-31 underpinned by investment, robust agriculture production, and improved electricity generation. Inflation is projected to converge gradually toward the 6-8 percent target band by 2027. The current account would rebound to an estimated surplus of 1.7 percent of GDP in 2026 and gradually increase to about 3.2 percent of GDP by 2030, amid expanding copper production and elevated copper prices. Risks are tilted to the downside, with heightened uncertainty around the baseline.

“Fiscal performance remains strong supported by non-mining revenues and lower spending mostly reflecting lower external disbursement, while social spending has increased in line with government’s priorities. The 2025 primary surplus is projected at 2.2 percent of GDP, including repayment of fuel arrears. Revenues, excluding grants, are projected to reach 22.6 percent of GDP despite accelerated VAT refunds to clear legacy arrears. Given the high risk of debt distress, maintaining fiscal discipline and containing new borrowing remain critical for debt sustainability. In this vein, IMF staff welcomes the authorities’ commitment to maintain a prudent fiscal stance through 2026, while protecting social spending. Continued efforts to enhance public financial management, including by revamping the fiscal framework, and improve revenue mobilization, through strengthening compliance and expanding the tax base, remain essential to generate fiscal space to support growing spending needs, including infrastructure, in line with the authorities’ objectives. It is also important to ensure cost-recovery electricity pricing and strengthen SOE governance to limit fiscal risks.”

“A carefully calibrated monetary policy is needed to anchor inflation expectations and preserve price stability. The real policy rate is expected to increase in the coming months as inflation decelerates, hinting toward a tighter monetary policy stance. However, if the inflation decline becomes more gradually than initially envisaged, there are merits in maintaining a prudent approach for further monetary policy easing. Efforts to improve the operational monetary framework remain critical to strengthening monetary transmission. While allowing for exchange rate flexibility, the BoZ should scale up efforts to accumulate net international reserves, especially taking advantage of supportive FX liquidity conditions. The team welcomes legislative initiatives to revamp the financial supervision and resolution, including a new deposit insurance framework.”

“Pressing ahead with structural reforms is paramount to boost inclusive and private sector-led growth. Despite some progress on structural reforms, improving governance, including by setting up a merit-based transparent process for the selection of the Board of the Anti-Corruption Commission, will help enhance accountability and facilitate the role of the private sector in the economy. Energy sector reforms continue to advance. As open access to the TAZAMA pipeline is rolled out, consistent and transparent application of the guidelines, anchored in private sector participation, will be key to ensuring the reform delivers its expected gains.”

“The IMF mission team met with Minister of Finance and National Planning Dr. Situmbeko Musokotwane, Governor of the Bank of Zambia, Dr. Denny Kalyalya, Secretary to the Treasury Mr. Felix Nkulukusa, Deputy Governor Dr. Francis Chipimo and other senior Government officials, as well as representatives of the private sector, civil society, and development partners. The team expresses its sincere appreciation to the Zambian authorities for their close cooperation.”