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Box Clever Won't Go Away; Prosecutors Plan Retrial
08-13-09
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Box Clever, created by the merger of the rental businesses of Nomura Holdings and Granada Plc, went bankrupt in 2003.

After being acquitted in 2008 (see story), former WestLB Bank CEO Juergen Sengera will be re-tried on charges he knowingly approved a $2 billion bad loan to UK rent to own company Box Clever in 1999.

Box Clever, created by the merger of the rental businesses of Nomura Holdings and Granada Plc, went bankrupt in 2003 leading to WestLB Bank losses of about 427 million euros.

Box Clever Timeline - from the RTO Online archives:

2002
Box Clever...Not just a 'Clever Name'

2003
UK Based Rent to Own Company 'Box Clever' Blamed for Huge Losses at West German Bank

WestLB Bank Paving the Way For Buyout of UK Based Rent to Own Box Clever

CEO Roger Mavity Makes £200m Bid For UK Rent to Own Box Clever

German Prosecutors investigate Box Clever

2004
UK Rent to Own Box Clever Sale Nears

2005
UK Rental Chain Box Clever; Sale Complete

2008
UK RTO Box Clever Banker Acquitted

 

 

RTO Online is the official channel for Rent-to-Own Industry News and the only independent source of news for the rent-to-own, rental-purchase, lease-purchase trade. RTO Online (Rent to Own Online) represents the choice of the entire RTO Industry for trusted information, as it happens.

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