Debenture issuer collapsed owing $27m; former CEO jailed for five years for fraud
Wickham Securities Ltd · Debenture issuer / mortgage lender
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
Document authenticity / direct pull
A direct bank statement pull would show the altered statement.
Can mislead when: The company can refuse consent, and a refusal is itself a flag. Some banks and co-op banks are not on AA yet.
Bank credits vs books
Bank credits would not match the reported cash holdings.
Can mislead when: AA only sees the accounts the company links, so an undisclosed account stays invisible. Cash-heavy businesses and timing differences create false flags.
Third-party confirmation
Direct confirmation from the bank would show the true balances.
Can mislead when: Counterparties can collude or ignore requests. A non-response is logged as a gap, never as a pass.
Books edit log
Edits to the books in 2012 would be logged.
Can mislead when: Logs can be disabled at database level (auditors qualified this in year one) or tampered with on export. Kubr needs the company to cooperate.
Where Kubr services would have helped
Financial diligence
Offered in India- C1 Bank credits would not match the reported cash holdings.
- C5 A direct bank statement pull would show the altered statement.
- C12 Edits to the books in 2012 would be logged.
Model check
Offered in India- C1 Bank credits would not match the reported cash holdings.
IC note
Offered in India- C5 A direct bank statement pull would show the altered statement.
Portfolio monitor
Offered in India- C1 Bank credits would not match the reported cash holdings.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.