Creditors' Cold Comfort over Fate of Foster Farm ; Down on the Farm: Kevin Foster, Left, and Wife Elaine Keep Llamas and Other Animals at Their 14-Acre Property in Kent
Byline: TONY HETHERINGTON
Mrs P. D. writes: I am sending you my receipt for the [pounds sterling]5,000 I entrustedto KF Concept. I am a pensioner and this was three-quarters of my savings. Ihave applied to the bankruptcy people but have heard nothing. Could you pointme in the right direction to maybe retrieve a little of my money?
KF CONCEPT was an unauthorised investment scheme run by former taxi driver andinsurance salesman Kevin Foster. Soon after I gave him some publicity in 2004,the Financial Services Authority won a High Court injunction halting hisbusiness.
KF Concept was a trading name for Foster. And when he could not repayinvestors, he was declared bankrupt with debts of about [pounds sterling]36 million.
At this point I have to be careful. After an investigation by the Serious FraudOffice, Foster is awaiting trial on 16 charges of theft and breaches ofinvestor protection laws. Because he is entitled to a fair trial, I cannotlegally give you any opinion on his guilt or innocence. That said, I can tellyou one or two things about his bankruptcy. Foster and his wife Elaine live ona 14-acre farm at Doddington, near Sittingbourne, Kent. Foster has said itbelongs to KF Concept so gives added security to his investors.
He and his wife are still the registered owners, though the trustee inbankruptcy, Nedim Ailyan, has filed a charge against the property, so anyonechecking at the Land Registry will know they have to get past him should theywant to buy the farm.
Many investors may not be happy that the farm has not been sold for the benefitof Foster's creditors. …