79th group1 Apr 2025 17:45
Would like to address recent concerns regarding an investigation being conducted by the City of London Police. We understand that this situation may have raised some questions.
These allegations were submitted in the form of a complaint to the police and to date we have not been provided with any form of evidence to look to address and respond to the complaint. We want to reassure you that we are cooperating with the authorities, and we are confident that the investigation will confirm these allegations are entirely unfounded.
The police reported in the media that the investigation is related to loan notes. We understand that it does not affect other areas of our business. At present no evidence has been provided by the police regarding the source of these allegations. We make it clear that we vehemently deny that the company has engaged in the suspected fraudulent conduct. We believe false allegations have been made. Given there is now an ongoing investigation, we have been advised not to comment further on the detail of our submissions but will cooperate with the investigation team in this respect.
We want to emphasise that all other aspects of our operations continue to function, and we remain focused on delivering the ongoing projects.
The Webster’s family heritage and track record in development date back to 1985, and we are resolute in protecting the integrity of our business and reputation. The loan-note aspect of the business has been operating for 5 years and there has not been one instance of the company defaulting. There have been over 10 loan note issuances, where the programmes have successfully completed with all capital & interest payments due to investors being fully available for redemption. Perhaps, understandably, the police action has had an impact on the business. The Webster family, along with our dedicated team, will strive to show the allegations are unfounded and minimise impact on the Seventy Ninth Group.
The support we have received from our clients, partners, and our individual families during this time has been overwhelming, and we are deeply grateful for this solidarity.
Although we do not comment on details of the underlying investigation, the family feel bound to correct what it considers prejudicial reporting by the police. We have had comments and calls since the police put up pictures of “guns” onto the internet. The innuendo was obvious. All members of the family are of good character. The ‘guns’ were not seized. They are legal air guns using low powered co2 intended for target practice. They were not assembled and were stored next to the paper targets. Following action the police did ensure the image was removed, but unfortunately the damage was done and we find ourselves having to issue this clarification.
The actions of City of London Police have been extremely damaging to our reputation and has put the business at significant financial risk, therefore, to protect the Loan
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