SFO launches fraud and bribery investigation into former management of Home REIT
The Serious Fraud Office (SFO) has launched a fraud and bribery investigation into the former management of Home REIT, a UK listed social housing company, involving suspected offending valued at approximately £300m. The SFO conducted searches at seven locations across Altrincham, Maidenhead, London and Manchester, resulting in six arrests. Italy’s Guardia di Finanza also assisted with a related search in Venice. Home REIT, which listed on the London Stock Exchange in 2020, raised over £850m during its first three years of trading by selling investment in properties intended to accommodate rough sleepers, veterans and individuals with addiction issues, primarily through publicly funded charities and Community Interest Companies. Trading in the company’s shares was suspended in January 2023 following an investor report published in November 2022 that raised concerns about property valuations and tenant rent payment capabilities.