Michael Gubbay, (pictured) a former employee of the Reuben Brothers, is a man who resides in Israel and was and probably still remains the owner of Quain Court, Folkestone Kent CT20 2HH, whose freehold is held offshore in the British Virgin Islands.
On 29 January 2013 Tuscola (104) Limited paid £51,350 for the freehold of Quain Court Title Deed according to the land registry. Tuscola (104) address is, Patton, Moreno & Asvat (BVI) Limited, Palm Chambers, 197 Main Street, P.O. Box 3174, Road Town, Tortola, British Virgin Islands. The address, not the company turns up in the Panama Papers several times
Tuscola (104) Ltd is “part of a group of companies which invest in ground rent portfolios. This involves acquiring freehold sites in the UK which are usually subject to long residential leasehold interests. The income from the sites derives principally from ground rents payable under the long leases. Tuscola’s sole director is Michael Gubbay, who resides in Israel.” (below, Quain Court on left of picture looking up Sandgate Road Folkestone)
In a recent court case –  EWHC 1124 (CH) according to Mr Justice Arnold, who is on the record as saying Mr Gubbay’s statements in his court were untrue. Justice Arnold was driven to the conclusion that some of Mr Gubbay’s answers were not truthful, [Para 8] and repeats this on seven occasions in his judgement.
Mr Gubbay is a former employee of the Reuben Brothers and was a director of Motcomb Estates Limited between Aug 1993 – Sept 2011. The Reuben Brothers via their trusted lieutenant Alexander Bushaev has companies registered with Patton, Moreno & Asvat BVI Ltd on the 2nd Floor O’Neal Marketing Associates Building, PO Box 3174 Wickham’s Cay II, Road Town Tortola, VG 1110 British Virgin Islands.
During Mr Gubbay’s time as a director of Motcomb Estates Ltd, the company gave a donation to the Central Conservative Party of £10,390 on 14/03/2006.
In Oct 2007 Motcomb Estates gave another £36,000; which as a director Mr Gubbay would have been aware of.
And in June 2009 Motcomb Estates made another donation of £9500 to the Conservative Party.
It would also appear that Patton, Moreno & Asvat (BVI) Limited have more than one office in Road Town (BVI’s)
On the 29.01.2016 Quain Court was sold to TUSCOLA (FC101) LIMITED (incorporated in British Virgin Islands) for the sum of £51,350 according to the Land Registry and it is more likely than not that Mr Gubbay remains the owner of Quain Court. What is odd, is that Tuscola (104) bought it for the same money and 3 years on, the freehold had not increased in value.
So, Mr Gubbay, a man who according to Justice Arnold tells untruths, was and probably remains the owner of Quain Court, and is perhaps not the sort of freeholder one would want, in our humble opinion. Plus, a large sum of that money the leaseholders pay, well now we know it goes to the BVI’s, “a sunny place for shady people” – to use Somerset Maugham’s phrase.
There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in this blog post have broken the law or otherwise acted improperly unless found so by a court of law.