Struggling property investment scheme Magna Global has filed July 2019 accounts for its MIX2 entity, reporting a £1 million loss.
This follows Magna investors reporting they have not been repaid on time, and one of Magna’s other companies which took in money from investors, Magna Investments X (aka MIX1), also posting a £1 million loss.
MIX2 issued 12-month bonds to investors paying 12% interest over the term. Bonds were promoted to investors by unregulated introducers.
MIX2 owes a total of £5.4 million and has assets of £4.4 million, described mostly as “unlisted investments”. The accounts used small company exemptions and contain little other information.
The accounts were filed at the last minute on 30 July before the 12-month deadline expired.
Magna’s final entity that I know of, MIXG Limited, is due to file its first accounts by the end of October.
Magna joint-owners Chris Madelin and Oliver Mason have recently scrubbed their Instagram profiles. Madelin’s in particular was notable for its dedication to posting public photos of him enjoying a luxury lifestyle.
Where Madelin got his wealth from is unclear. At time of writing, companycheck.co.uk lists Madelin as the director of 26 active UK companies that I was able to find. Most of these had negative or zero net assets and none of those with positive net assets had more than £30k.
(Hat tip to a Bond Review reader who saved the photos from Instagram.)